Chipotle Mexican Grill (CMG) PT Raised to $620 at BTIG
BTIG analyst Peter Saleh raised the price target on Chipotle Mexican Grill (NYSE: CMG) to $620.00 (from $605.00) while maintaining a Buy rating.
Saleh commented, "We reiterate our Buy rating on Chipotle and are raising our price target to $620 from $605 given the outperformance this quarter and accelerating top-line momentum. We believe Chipotle is starting to fire on all cylinders with digital, delivery, menu innovation and stronger marketing all coming together to fuel the comp acceleration seen towards the end of the quarter. We believe $25 in EPS, double our 2019 estimate, is achievable over the coming years as these initiatives steadily march restaurants back toward their peak unit volumes and margins. This long-term earnings potential anchors our view and we continue to recommend shares."