Chipotle Mexican Grill (CMG) Earnings Preview and the Buyside Consensus - Credit Suisse
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Credit Suisse analyst Lauren Silberman reiterated an Outperform rating and $1,700.00 price target on Chipotle Mexican Grill (NYSE: CMG) ahead of 4Q earnings 2/2 AMC. In October, SSS were trending mid-single digits, noting the brand started lapping the launch of Carne Asada in mid-September, contributing to double-digit SSS in each month of 4Q19’s 13.4%. Compares remain tough in early 1Q, with CMG to lap January SSS 12.1% & February 17.1%.
The analyst remains positive on the story offering insight into what the consensus looking for. She stated "While bears point to margin concerns, bulls seem more focused on top-line, with greater conviction in the margin story driven by confidence in management, expectations for delivery headwinds to abate, benefits from digital/Chipotlanes & sales leverage. We recognize valuation looks rich, though this is nothing new, reflects outsized earnings growth & is in part due to scarcity of high quality, high growth large cap restaurant stocks, with ongoing SSS strength to support a premium multiple, and potential upside to numbers on SSS, unit growth & margins."
Shares of Chipotle Mexican Grill closed at $1486.32 yesterday.
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