Chipotle Mexican Grill (CMG) PT Raised to $1,900 at Cowen

Cowen analyst Andrew Charles raised the price target on Chipotle Mexican Grill (NYSE: CMG) to $1,900.00 (from $1,640.00) while maintaining a Outperform rating.

The analyst commented, "4Q results featured several encouraging points, including an acceleration in Jan sales, the upcoming launch of highly-anticipated quesadillas (8-11% of sales at fast casual Mexican peers), and greater confidence in an improved margin profile. We raise 2021-22E EPS to $27.75 & $35.00, from $23.80 & $29.75 previously, premised on 2021 comps of 17.8% & 24% margins. Raising PT to $1,900 from $1,640."

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