Raymond James hoisted their target price on shares of Chipotle Mexican Grill (NYSE:CMG) from $560.00 to $625.00 in a research note issued on Thursday. The firm currently has an “outperform” rating on the stock. Raymond James’ price objective indicates a potential upside of 6.25% from the stock’s previous close.
The analysts wrote, “We reiterate our Outperform rating on CMG and are raising our EPS estimates to reflect tighter assumptions regarding a menu price increase currently being rolled throughout the system (rolled out earlier than originally indicated and average price increase expected to be at top end of previously communicated 4-6% range). We are also encouraged by recent management comments indicating recent price increases have had little to no impact on underlying traffic trends. “CMG shares have rebounded solidly over the past three weeks and fully retraced the decline following disappointing 1Q margin and EPS results (despite spectacular 13.4% comp growth). We believe the stock can continue to work from here on continued powerful comp outperformance (~10% vs. flat industry) and dramatically improved margins and EPS growth in 2H14 (+40% y/y vs. +7.6% in 1Q14) behind the aforementioned menu price increase. “We are raising our 12-month price target to $625, which equates to 38x our new 2015 EPS estimate of $16.50.”
Shares of Chipotle Mexican Grill (NYSE:CMG) opened at 588.26 on Thursday. Chipotle Mexican Grill has a 1-year low of $352.27 and a 1-year high of $622.90. The stock’s 50-day moving average is $524.7 and its 200-day moving average is $538.3. The company has a market cap of $18.285 billion and a P/E ratio of 55.19.
Chipotle Mexican Grill (NYSE:CMG) last released its earnings data on Thursday, April 17th. The company reported $2.64 earnings per share for the quarter, missing the analysts’ consensus estimate of $2.85 by $0.21. The company had revenue of $904.20 million for the quarter, compared to the consensus estimate of $873.44 million. During the same quarter last year, the company posted $2.45 earnings per share. Chipotle Mexican Grill’s revenue was up 24.4% compared to the same quarter last year. On average, analysts predict that Chipotle Mexican Grill will post $12.58 earnings per share for the current fiscal year.
A number of other firms have also recently commented on CMG. Analysts at Miller Tabak raised their price target on shares of Chipotle Mexican Grill from $530.00 to $535.00 in a research note on Thursday, May 29th. They now have a “hold” rating on the stock. Separately, analysts at Oppenheimer reiterated an “outperform” rating on shares of Chipotle Mexican Grill in a research note on Thursday, May 22nd. They now have a $625.00 price target on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Chipotle Mexican Grill in a research note on Friday, May 16th. They now have a $521.00 price target on the stock. One research analyst has rated the stock with a sell rating, seven have given a hold rating and fourteen have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $595.08.
Chipotle Mexican Grill, Inc (NYSE:CMG) operates Chipotle Mexican Grill restaurants.
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