Falling flat.

Could the sweet taste of success be spoiling Calabasas-based Cheesecake Factory Inc. and Century City-based California Pizza Kitchen Inc.?

Andrew M. Barish, an analyst with Bane of America Securities in San Francisco, seems to think so. Barish dropped BofA's ratings on Cheesecake Factory and California Pizza Kitchen to sell from hold last week on fears the companies' stock is overvalued and will likely come down in the next several months.

Barish also lowered his ratings on several other restaurant chains, citing concerns of "ebullient expectations" and "a high potential for increased costs in 2004." He wrote in his Jan. 6 report that Cheesecake and CPK shares are selling at more than 20 percent above 2004 target prices.

For CPK, Barish noted concerns about "a loss of focus" because founders Larry Flax and Richard Rosenfield retook the reigns as co-chief executives and are pursuing several new initiatives.

"It could be a year with many new initiatives such as menu, prototype design, Street new growth vehicles such as ASAP and LA Food Show and infrastructure changes and development," Barish wrote. "We worry that all of this activity could cause some operating dislocations and/or expenses that are not fully anticipated."

As for Cheesecake Factory, Barish said the focus on opening new restaurants could prove too expensive to maintain, and he said the Grand Luxe Cafe concept isn't the solution the company hoped it would be for its growth challenges.

"We believe, given the complexity in opening the Cheesecake Factory's large and customized restaurants, it is becoming more apparent that the traditional means of growth for the company could be more challenging going forward," Barish wrote.

Still, when it comes to Cheesecake, there doesn't seem to be full agreement on Wall Street. Smith Barney Citigroup analyst Mark Kalinowski on Jan. 5 raised Cheesecake to hold from sell because of the chain's success in opening 14 new restaurants in 2003.

As of Jan. 7, Cheesecake Factory's stock was trading at $42.97, down 2.4 percent year-to-date but up 16.7 percent over the previous 52 weeks.

California Pizza Kitchen stock stood at $19.31, down 4 percent year-to-date and 26.1 percent below its year-ago level.