Analyst Predicts Strong Q2 Sales Growth for Chipotle Mexican Grill

BTIG's Peter Saleh raised their price target on Chipotle Mexican Grill (NYSE: CMG) by 18.2% from $2,750 to $3,250 on 2024/03/28. The analyst maintained their Strong Buy rating on the stock.

According to Saleh, Chipotle Mexican Grill is expected to experience stronger comps in the coming months. This is attributed to the company's faster throughput, seasonal momentum, and greater pricing in California. Saleh shared their insights with investors, stating that the "pricing and Easter moves," along with the reintroduction of "Chicken al Pastor" for spring, are anticipated to contribute to a 200 basis points quarter-over-quarter increase in same-store sales in Q2 2024.

Investors will have the opportunity to gauge Chipotle Mexican Grill's performance when the company releases its Q1 2024 earnings report on April 24, 2024.

Currently, 72.2% of top-rated analysts rate CMG as a Strong Buy or Buy, while 27.8% consider it a Hold. Interestingly, no analysts recommend or strongly recommend selling the stock.

The consensus forecast among analysts suggests that CMG's upcoming year will yield earnings per share (EPS) of $53.87. If these projections hold true, CMG's next yearly EPS will see a 20.8% increase year-over-year.

It is worth noting that since CMG's last quarterly report on December 31, 2023, the stock price has increased by 27.1%. The stock is also up by an impressive 75.9% on a year-over-year basis. During this period, CMG has outperformed the S&P 500, which has seen a 32.3% increase.

Peter Saleh, the BTIG analyst behind the recent rating and price target adjustment, is ranked in the top 12% of Wall Street analysts by WallStreetZen. With an average return of 16.3% and a win rate of 62%, Saleh specializes in the Communication Services and Industrials sectors, among others.

Chipotle Mexican Grill, Inc., founded in 1993, operates a chain of fast-casual restaurants in the U.S. and internationally. The company's headquarters are located in Newport Beach, CA.

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