The Cheesecake Factory's Earnings Beat, Piper Jaffray Maintains Underweight (CAKE)

The Cheesecake Factory (NASDAQ: CAKE) posted 2Q earning that beat analyst estimates.

Piper Jaffray acknowledged this fact, but still maintained an Underweight rating for shares of CAKE.

Piper analysts Nicole Regan and Joshua Long said, "The Cheesecake Factory outpaced both ours and the Street's EPS estimates in the second quarter, but we continue to believe the results are priced in at current levels."

A $23 price target was maintained, representing 18x FY10 earnings.