Chipotle Mexican Grill (CMG) PT Raised to $2,080 at Cowen

Cowen analyst Andrew Charles raised the price target on Chipotle Mexican Grill (NYSE: CMG) to $2,080.00 (from $1,850.00) while maintaining an Outperform rating following earnings.

The analyst commented, "We are pleased our Top Pick's symbiotic sales drivers manifested in 2Q comp upside vs consensus & 3Q comp guidance of low-mid double digits that exceeded 10% consensus. Mgmt clarified longer term restaurant margins (RLM) beyond $2.5M AUV's, that leads us to view 2024 consensus' expectations for 27.1% RLM at $3M AUVs as conservative in what is likely to be a 27%-28% range. PT to $2,080 from $1,850."

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