New Morningstar Analyst Report for Cheesecake Factory, Inc.

With an upscale decor, extensive menu, and reputation for decadent desserts, Cheesecake Factory is a leading upscale casual dining chain. The firm, which operates more than 170 restaurants between its namesake concept, Grand Lux, and RockSugar Pan Asian Kitchen, has maintained prudent domestic growth while venturing into the expansion of its brand abroad via a licensing agreement. While the Cheesecake Factory brand resonates with consumers, we believe low switching costs and minimal barriers to entry in the industry hamper the firm's ability to gain a competitive advantage.