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Chipotle Mexican Grill Is In A ‘League Of Their Own’: 7 Analysts Revise Forecasts After Q1 Results

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Chipotle Mexican Grill, Inc. (NYSE:CMG) shares were climbing in early trading on Thursday, after the company reported higher-than-expected sales and earnings for its first quarter.

The results came amid an exciting earnings season. Here are some key analyst takeaways from the release.

TD Cowen On Chipotle Mexican Grill

Analyst Andrew Charles reiterated a Buy rating while raising the price target from $3,400 to $3,500.

Chipotle Mexican Grill delivered a “standout” quarterly performance, with trend persisting in April, Charles said in a note.

Management raised the 2024 same-store sales guidance to MSD%-HSD%, despite the “challenging industry sales backdrop,” the analyst stated.

He added, “Our seasonality analysis suggests 2024 SSS guidance will ultimately be raised to HSD%.”

Oppenheimer On Chipotle Mexican Grill

Analyst Brian Bittner maintained an Outperform rating while lifting the price target to $3,300.

Chipotle Mexican Grill reported a beat across same-store sales, margins and earnings, Bittner said.

“Traffic trends into 2Q remain impressive at mid-single-digits despite a challenging industry environment,” he added.

“Management indicated 2Q SSS should be highest of the year with traffic sustaining mid-single-digits, menu pricing of ~3.5% (from 2.7-2.8% in 1Q) and a ~100bps benefit from calendar shifts,” the analyst wrote. The company is in league of their own, he further stated.

Wedbush On Chipotle Mexican Grill

Analyst Nick Setyan reaffirmed a Neutral rating while raising the price target from $2,850 to $3,200.

Chipotle Mexican Grill reported adjusted earnings of $13.37 per share, significantly higher than the …

Full story available on Benzinga.com

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