Shares of The Cheesecake Factory (CAKE) plummeted 5.10% in intraday trading on Thursday, despite the company reporting solid first-quarter results and receiving several analyst upgrades. The stock's decline comes amid broader market concerns about consumer spending and the potential impact of tariffs on the restaurant industry.

The company reported a 27% year-over-year increase in adjusted earnings per share for Q1, marking its sixth consecutive quarter of 20% or higher growth. Comparable sales at Cheesecake Factory restaurants increased by 1%, with annualized unit volumes exceeding $12.5 million. Despite these positive results, investors seemed to focus on the company's slightly lowered revenue outlook for the full year, which management attributed to a less robust economic environment.

Several analysts raised their price targets for Cheesecake Factory following the earnings report. Piper Sandler increased its target to $54 from $51, while Deutsche Bank raised its target to $54 from $53. However, these upgrades were not enough to prevent the stock's decline, as concerns about the broader economic environment and potential impacts from tariffs weighed on investor sentiment.