CAKE Stock Hits Record High Today – Citi Bets On Rewards Program, App Momentum To Restore Positive Traffic

• The company launched its first mobile app in April in a bid to improve the online ordering experience.
• The stock is heading for its seventh weekly gain in the past eight weeks.
• Wall Street remains mixed on CAKE, with six ‘Buy’, 11 ‘Hold’, and 2 ‘Sell’ ratings, according to Koyfin.

Shares of The Cheesecake Factory (CAKE) climbed about 5% to a fresh record high on Friday, after Citi raised its price target on the stock and indicated growing confidence that its loyalty program and mobile app could help drive customer traffic back into positive territory.

Citi raised its price target on the stock to $90 from $76 while maintaining a ‘Buy’ rating, according to The Fly. This represents a 9.8% upside potential from current levels.

The brokerage said momentum in Cheesecake Rewards and the company’s new mobile app “may be enough” to return traffic growth, adding that it sees continued reasons for optimism, supported by the company's growth initiatives

In April, the company launched its first mobile app to improve the online ordering experience and allow Cheesecake Rewards members to make reservations, track rewards, and access exclusive offers. The free nationwide loyalty program also includes birthday cheesecake rewards, personalized promotions, and DoorDash delivery perks.

CAKE’s Extended Rally

The stock has been on a strong run, heading for its seventh weekly gain in the past eight weeks after posting its best monthly performance in June since January 2023.

Investor sentiment has also been supported by strong first-quarter results last month. Cheesecake Factory reported earnings of $1.05 per share on $978.8 million in revenue, topping Wall Street estimates of $1.01 per share and $964.5 million in revenue, according to Fiscal.ai. Restaurant margins improved to 17.5%, helping offset a 1.4% decline in foot traffic.

Street Sentiment On CAKE

Wall Street’s sentiment remains mixed on CAKE, with six ‘Buy’, 11 ‘Hold’, and 2 ‘Sell’ ratings, according to Koyfin. The share price has already surpassed the consensus 12-month price target of $68.40.

Despite the recent rally, retail sentiment surrounding CAKE on Stocktwits remained in the ‘bearish’ zone over the past 24 hours.

The stock has gained over 55% so far in 2026.

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