Chipotle Mexican Grill (CMG) PT Raised to $750 at Credit Suisse
Credit Suisse analyst J. West lowered estimates but raised his price target on Outperform-rated Chipotle Mexican Grill (NYSE: CMG) to $750.00 (from $725.00) following Q2 results.
West commented, "Playing out as expected: We knew 2015 could be a choppy year for CMG's stock given very difficult compares and the rolloff of menu pricing. Following a roller coaster ride of stock moves of late, the table may now be set for improved performance as July comps are running up "low single-digits" with "positive" traffic. This comment on the conf. call appeared to spark a rally in the stock after hours, as some investors feared a negative traffic trend into July given difficult compares. Shares were initially down ~7-8%, then moved into slightly positive territory after the conf. call. CMG faces its most difficult compares this qtr. From there, the outlook turns more positive as easing compares, incremental pricing, and return of full pork supply could provide a tailwind to comps. Raise TP to $750 (from $725)."
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Shares of Chipotle Mexican Grill closed at $673.07 yesterday.