A report from J.P. Morgan reiterates its Neutral rating and raises its price target from $300 to $320 on Chipotle Mexican Grill CMG.
The report states, “Still, overall results once again demonstrated top-tier earnings performance and lend visibility to 20-25%+ EPS CAGR medium-term, supported by an acceleration in guided unit growth to 155-165 in F12 vs. ~145 in F11.
While we understand the “scarcity” value implicit in this EPS growth, high
fundamental expectations and a high multiple still prevent us from recommending purchases at current prices”.
CMG closed yesterday at $310.27.
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