Chipotle Mexican Grill (CMG) PT Raised to $1,050 at Goldman as Menu Additions Support Top Industry Metrics

Goldman Sachs analyst Katherine Fogerty raised the price target on Chipotle Mexican Grill (NYSE: CMG) to $1,050.00 after the company reported 4Q19 SSS of 13.4% vs Consensus Metrix 9.8%. Driving the growth was the company's digital mix which accounts for 20% of the overall top line and grew at 78% year over year.

The analyst maintained a Buy rating, stating "Menu innovation (queso blanco and pushing the Lifestyle bowl mix) can be a meaningful driver of comps and margins in 2020". "CMG is one of the few company-owned Restaurants in the sector where traffic is growing and margins can expand (through better menu and digital mix) in the face of strong commodity and labor inflation".

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