Chipotle Mexican (CMG) PT Lifted to $740 at Piper Jaffray; Q2 Results 'Strong'
Get Alerts CMG Hot Sheet
Rating Summary:
31 Buy, 15 Hold, 1 Sell
Rating Trend: Down
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
Join SI Premium – FREE
Piper Jaffray analyst Nicole Miller Regan reiterated an Overweight rating and boosted her price target on Chipotle Mexican Grill (NYSE: CMG) to $740.00 (from $700.00) following Q2 results. The analyst said the results were strong on an absolute and relative basis.
Regan commented, "Chipotle reported 2Q15 results that were strong on an absolute and relative basis, including same-store sales of +4.3% (vs. consensus expectations of +5.9%) and EPS of $4.45 (in-line with expectations). Same-store sales were driven by average check, including 4.0% price. To date in 3Q, we understand sales and traffic trends to be running in the +LSD range which we believe will help support shares during tomorrow's trading session given recent concerns over having to lap 3Q14's record +19.8% same-store sales result. We maintain our OW rating and positive long-term view on CMG shares as it relates a track record of industry-leading profitability and believe the company's dedication to human capital supports a best-in-class growth profile. We are raising our PT to $740 based on 20x FY16 EBITDA (vs. $700 prior based on 22x FY15 EBITDA) and note this now lower multiple is a function of an increased time horizon."
FY 2015 EPS goes from $16.90 to $17.21.
For an analyst ratings summary and ratings history on Chipotle Mexican Grill click here. For more ratings news on Chipotle Mexican Grill click here.
Shares of Chipotle Mexican Grill closed at $673.07 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Keurig Dr Pepper (KDP) PT Raised to $39 at Jefferies
- Amazon.com (AMZN) PT Raised to $215 at UBS
- META to capture largest share of users, SNAP to benefit from ad budget shifts - Canaccord Genuity weighs in on TikTok ban
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT ChangeRelated Entities
Piper Jaffray, Nicole Miller ReganSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!