Cheesecake Factory's (CAKE) recent momentum may be difficult to sustain given elevated expectations and valuation, even as the company is expected to post strong Q2 same-store sales and earnings, UBS said in a note Thursday.

Earnings focus will likely center on Q3-to-date traffic trends, updates on North Italia and Flower Child, and the sustainability of sales momentum, according to UBS.

Same-store sales growth of 4% is expected for Q2, driven by pricing, new menu items and the rollout of a new rewards app, though some contributing factors could moderate in coming quarters, the firm said.

Cheesecake Factory will release its Q2 results on Tuesday.

UBS maintained its sell rating and raised the price target to $60 from $53.

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