Shares in casual dining chain Cheesecake Factory Inc. soared more than 10 percent Wednesday after analysts upgraded its stock despite mediocre first quarter numbers.

Cheesecake Factory reported first quarter net income of $18 million (24 cents per share), a 5 percent dip from $19 million (24 cents) for the same period a year earlier, meeting analysts’ predictions, according to a Thomson Financial poll.

Revenue for the Calabasas-based company rose 16 percent to $357 million, just off Wall Street’s expected $360 million.

The company said its same-store sales rose 0.4 percent despite extremely poor weather over the past three months. Had the weather been average, Cheesecake Factory said same-store sales would have grown 1.2 percent.

KeyBanc cited this fact in raising its recommendation for the stock to “Buy” from “Hold” Tuesday after the market closed, propelling the stock in after-hours trading.

Shares continued to gain Wednesday and were up 10.2 percent, or $2.65 per share, to $28.68 in afternoon trading on the Nasdaq.