Benzinga | Nov 9, 2020 11:34AM EST

Why Cheesecake Factory's Stock Is Trading Higher Today

Cheesecake Factory (NASDAQ:CAKE) shares are trading higher after Deutsche Bank upgraded the stock from Hold to Buy and announced a $40 price target.

Cheesecake Factory owns and operates restaurants in the United States and Canada under brands that include Cheesecake Factory, North Italia, and a collection within the Fox Restaurants Concepts subsidiary. The company's international presence, in the Middle East and Mexico, is through licensing agreements with third parties.

The company also has a bakery division that produces cheesecakes and other baked products for sale in its restaurants, international licensees, and third-party bakery customers. The company has four operating business segments: The Cheesecake Factory restaurants, North Italia, other FRC, and others. Most of the company's revenue comes from The Cheesecake Factory restaurants segment.

Cheesecake Factory shares were trading up 22.02% at $37.90 on Monday. The stock has a 52-week high of $44.66 and a 52-week low of $14.52.