Chipotle Mexican Grill (CMG) PT Raised to $1,708 at Deutsche Bank

Deutsche Bank analyst Brian Mullan raised the price target on Chipotle Mexican Grill (NYSE: CMG) to $1,708.00 (from $1,503.00) while maintaining a Hold rating.

The analyst commented, "We think investor expectations call for a 3Q22e SSS result that is ~in line with the current consensus estimate of +7.4%, and which fits squarely within management's guidance range of +MSD to HSD%. Should the 3Q22e SSS in fact be ~in line with consensus, one implication would be a three-year geometric SSS stack of just under ~34%, which if held constant, would further imply that CMG has the ability to comfortably meet 4Q22e consensus SSS of +8.5%. To the degree that some investors may be worried about a slower "exit rate" to the quarter, and we get the sense some are, it still seems like CMG could meet 4Q22e consensus SSS even in a scenario where the three-year SSS stack slowed a bit sequentially."

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