CAKE at record high as Citi raises target to $90 on traffic

Cheesecake Factory (CAKE) hit a record high after Citi Research raised its price target to $90 from $78, citing traffic growth at the casual-dining chain. The new target implies roughly 18% upside from the previous close.

Citi analyst Jon Tower said the chain's traffic data has improved in recent weeks, with checks showing stronger store-level momentum than earlier in the quarter. The upgrade lifted shares more than 4% in Wednesday trading, pushing the stock past its prior peak set in late 2021.

The CAKE stock page shows an Alpha Score of 66 out of 100, a Moderate rating within the Consumer Cyclical sector. The score reflects the company's solid profitability metrics offset by a higher valuation multiple.

Tower's $90 target is among the highest on Wall Street, where the median analyst price target sits near $77, according to data compiled by Bloomberg. The stock has gained roughly 30% year to date.