Oppenheimer Remains Bullish on Chipotle Mexican Grill (CMG) Following 2Q15 Results
Oppenheimer reiterated an Outperform rating and $775.00 price target on Chipotle Mexican Grill (NYSE: CMG) following 2Q15. CMG reported EPS of $4.45, compared to $4.44 consensus. Comps of +4.3% were lower than sell-side's +5.8%.
Analyst Brian Bittner commented, "While 2Q comps were non-celebratory, traffic has accelerated into 3Q, a pleasing data point. This improves near-term visibility and extinguishes widespread fear of the difficult 3Q lap. Plus, margin outlook is getting better, comps set to reaccelerate (starting 4Q) and Street's '16E EPS (+18%) appears to be a conservative basecase. Cash on BS of ~$600M together with robust FCF and no debt is incrementally interesting. Reiterate Outperform and $775 price target."
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Shares of Chipotle Mexican Grill closed at $673.07 yesterday.