Piper Jaffray Reiterates Neutral on Cheesecake Factory (CAKE)

Piper Jaffray is out with its report today on Cheesecake Factory (NASDAQ: CAKE), reiterating Neutral.

In a note to clients, Piper Jaffray writes, "We recently hosted our fifth annual field trip to the King of Prussia Mall in Philadelphia which included store visits to multiple restaurant and retail locations, including The Cheesecake Factory. Our visit with the company leaves us incrementally encouraged regarding the company's long-standing reputation as a best-in-class operator and culinary innovator. That said, we believe broad levels of food cost inflation are likely a modest headwind, offset by a combination of price and mix. As unit growth opportunities continue to be evaluated going forward we look for the company to continue its prowess of operational execution. We reiterate our Neutral rating on CAKE shares."

Piper Jaffray has a $30 PT on CAKE.

Shares of CAKE closed Tuesday at $28.66, up 0.21% from Monday's close.