UPDATE: Bank Of America Upgrades Cheesecake Factory

Analysts at Bank of America upgraded Cheesecake Factory Inc CAKE from Underperform to Neutral and set a $53 price target. Bank of America believes that Cheesecake Factory is in a position to benefit from low dairy prices.

Cheesecake Factory were recently up 3.6 percent at $51.63, which represents a new all-time intraday high for Cheesecake Factory. Bank of America’s $53 price target represents a 3.9 percent upside for the stock from current levels. The stock is up 8.4 percent over the past year.

Insider Action

On January 2, Cheesecake Factory CFO Doug Benn sold $673,659.00 of company stock at a price of $50.55. Three other Cheesecake Factory insiders sold shares of stock in November of 2014, and director Douglass Schmick purchased shares in November at a price of $46.03.

Analysts are expecting earnings of $0.60 per share when Cheesecake Factory releases its Q4 2014 numbers on February 12.

Other Analysts Weigh In

In December, a Morgan Stanley report projected a pickup in casual dining in 2015 due to an increase in disposable income among Americans as a result of rising employment rates and falling gas prices. Cheesecake Factory, along with Chipotle Mexican Grill, Starbucks, Buffalo Wild Wings, and Brinker International, are Morgan Stanley’s top picks in the sector.

Jefferies recently reiterated a Hold rating on Cheesecake Factory.