Cheesecake Factory shareholders aren't having the sweetest of days. The stock has dropped more than 3% on heavy volume, hitting a new annual low in the process. The culprit for this pullback was CAKE's third-quarter earnings report, issued last night after the close.

The restaurateur's profit edged up to $18.5 million in the latest reporting period, coming in at 26 cents per share. In the year-earlier period, CAKE earned $18.1 million, or 23 cents per share. Revenue posted a 15% gain at $375.5 million. These numbers weren't quite up to snuff with what analysts were expecting. The consensus view on Wall Street was calling for per-share results of 27 cents on $383 million in revenue.

This morning shortly after the opening bell, Raymond James issued a downgrade on the stock, moving it to outperform from a strong buy. You'd think a stock at its annual low would have lost all of its strong buy coverage long ago, but you would be wrong. In fact, even after this morning's downgrade, there remain 4 strong buy ratings and 2 buys. There are currently no sells open on CAKE.