Chipotle Mexican Grill (CMG) PT Raised to $1,725 at KeyBanc on Strong Digital Retention

April 16, 2021 6:42 AM EDT
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Price: $1,411.41 -1.06%

Rating Summary:
    27 Buy, 17 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 12 | Down: 6 | New: 2
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KeyBanc analyst Eric Gonzalez raised the price target on Chipotle Mexican Grill (NYSE: CMG) to $1,725.00 (from $1,625.00) while maintaining a Overweight rating.

The analyst commented, "We are raising our PT to $1,725 and our 2021E and 2022E EPS from $21.84 and $28.65 to $23.20 and $30.45, based our analysis of Chipotle's digital sales and our proprietary cohort data, which suggests strong digital customer retention. Our PT equates to ~57x our 2022E EPS, which reflects Chipotle’s current momentum and future growth opportunities in technology, off-premise, innovation, marketing, and unit development that can continue to drive margin and EPS upside."

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