Chipotle Mexican Grill (CMG) PT Raised to 'Street High' $2,000 at Piper Sandler Into Print

Piper Sandler analyst Nicole Miller Regan raised the price target on Chipotle Mexican Grill (NYSE: CMG) to 'Street High' $2,000.00 (from $1,835.00) while maintaining an Overweight rating.

The analyst commented, "We reiterate CMG shares as our top investment recommendation ahead of earnings Tuesday after the market close. As it relates to the quarter itself, we believe expectations to be lower than +6% consensus for Chipotle, and again expect investors to look forward to current trends that we believe remain stable in the +MSD% range. We reiterate our Overweight rating on CMG shares and increase our price target to $2,000(vs. $1,835 prior)based on ~40x our FY22 EBITDA, while removing the discount factor and increasing FY22 development projections. Chipotle is our highest conviction recommendation for the New Year based on confidence that the company has the human capital, operational capabilities, and technological tools to carry out its long-term growth strategy."

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