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Analyst recommends aggressive buying of The Cheesecake Factory Full article published: 01/04/2000     PAUL L. WESTRA is an Equity Research Analyst with Credit Suisse First Boston, covering the restaurant industry.

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TWST: Paul, I'm sure you have some other names that you would like to recommend.

Mr. Westra: Well, I would recommend the The Cheesecake Factory (Nasdaq:CAKE), which I think is the most enviable brand in the restaurant business. Every mall operator in America wants a Cheesecake Factory in his or her mall. There's only about 30 restaurants out there in the U.S., and there are more than 150 potential U.S. sites. The company has a huge opportunity for phenomenal growth but has historically under-executed for corporate-related issues as opposed to concept-execution issues. In our opinion, the company has absolutely turned a corner and has now delivered several good quarters in a row. More importantly, the visibility of future earnings is the greatest today in the six years that I have followed the company. We would be aggressive buyers of Cheesecake Factory shares.

Tickers included in this excerpt: CAKE

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This interview is a small excerpt from a comprehensive and in-depth Roundtable discussion of the Restaurant Industry featuring other analysts and published in The Wall Street Transcript on1/3/99. For more information call (212) 952 7400. The Wall Street Transcript does not endorse any of the comments made by interviewees, and does not make stock recommendations.

Copyright 1999, Wall Street Transcript Corp.

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