Chipotle Mexican Grill (CMG) PT Raised to $1,750 at Stifel; Sees Q1 SRS at High-End of Guidance
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Stifel analyst Chris O\'Cull raised the price target on Chipotle Mexican Grill (NYSE: CMG) to $1,750.00 (from $1,550.00) while maintaining a Buy rating.
The analyst commented, "We believe the success of a slate of recent product launches coupled with stimulus checks will likely result in 1Q SRS being toward the high end of management's mid- to high-teens guidance. We anticipate a move toward delivery channel margin parity, a positive contribution from an increasing mix of Chipotlane units, and greater levels of beverage attach as dining rooms reopen and consumer mobility improves will all positively impact margin performance as the year progresses. Consequently, we raised our EPS estimates in 2021 and 2022 to $22.50 (from $21.00) and $30.00 (from $27.50) and our 12-month target price to $1,750. Chipotle also recently released its 2020 Sustainability Report, detailing its current progress as well as outlining new goals across three categories: Environment, Food & Animals, and People. We plan to host an ESG-focused fireside with the company on May 7 at 11:00 am ET to further discuss Chipotle's approach to sustainability."
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