UPDATE: Loop Capital Starts Chipotle Mexican Grill (CMG) at Hold
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(Updated - October 5, 2021 4:19 PM EDT)
Loop Capital analyst Alton Stump initiates coverage on Chipotle Mexican Grill (NYSE: CMG) with a Hold rating and a price target of $1,800.00.
The analyst comments "CMG’s sales bounced back quickly after the initial pandemic impact. Along with other domestic casual and fast-casual dining competitors not offering drive-thru, Chipotle’s sales were negatively impacted during the initial period after the pandemic outbreak. However, the company’s same-store sales quickly snapped back to positive growth since 3Q20, which was remarkable given the company has only a very limited drive-thru presence. The greatest driver by far behind this impressive recovery was CMG’s success in promoting its digital/delivery platform. In addition, CMG executed a successful innovation pipeline during 1H21."
Shares of Chipotle Mexican Grill closed at $1804.77 yesterday.
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