Wolfe Research analyst Greg Badishkanian reiterated an Outperform rating and $38.00 price target on Chipotle Mexican Grill (NYSE: CMG)

The analyst comments: "We are Outperform-rated on Chipotle. The company’s consistent comp momentum, margin accretive digital channel, and strong unit level economics position the company for best-in-class growth. While valuation remains a consistent source of investor pushback, we think the stock screens attractively on a PEG basis and the combination of comp growth and unit expansion (both domestically and likely internationally longer-term) create a compelling and scalable investment opportunity. CMG shares are up 4% YTD (S&P up +1%). CMG shares are currently trading at ~31x NTM consensus EPS, vs a five- year average of closer to 45x. Our estimates and price target are under review."

For an analyst ratings summary and ratings history on Chipotle Mexican Grill click here. For more ratings news on Chipotle Mexican Grill click here.

Shares of Chipotle Mexican Grill closed at $39.17 yesterday.