Chipotle Mexican Grill (CMG) PT Raised to $820 at Jefferies; Sees Solid Q3
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Jefferies analyst Andy Barish raised the price target on Chipotle Mexican Grill (NYSE: CMG) to $820.00 (from $700.00) while maintaining a Hold rating, saying data suggests a solid Q3.
Barish commented, "We analyzed SafeGraph geolocation data, SimilarWeb app usage, & ListenFirst social engagement, and note data suggests that trends remain stable, despite tougher 3Q SSS compares. We maintain our 3Q SSS est of 8% (Cons 8.9%), but with sustained growth in DAUs, not-yet-fully unlocked Rewards opportunity, and strong brand equity, raise our PT to $820 on better visibility. At ~25x '20 EBITDA, this is in line w/ CMG's historical peak valuation."
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