Shares of Cheesecake Factory (CAKE) are soaring 5.16% in pre-market trading on Wednesday, following the company's strong second-quarter performance and a wave of analyst upgrades. The restaurant chain's stock has garnered increased attention from Wall Street, with several firms raising their price targets.

The company's Q2 earnings release has impressed investors, showcasing Cheesecake Factory's resilience in the current economic environment. While specific details of the earnings were not provided, the positive reaction from analysts suggests that the results exceeded expectations. William Blair analyst Sharon Zackfia reiterated a Buy rating on the stock, citing the strong Q2 performance and strategic growth initiatives as key factors.

In response to the earnings report, multiple financial institutions have revised their outlooks for Cheesecake Factory. Notably, Jefferies raised its target price to $74 from $66, while Bank of America Global Research increased its price objective to $71 from $67. Other firms including Barclays, Deutsche Bank, and Wells Fargo have also upped their price targets, reflecting growing confidence in the company's prospects. The series of upgrades highlights a broader positive sentiment towards Cheesecake Factory's business model and its ability to navigate the challenging restaurant industry landscape.