UPDATE: Bank of America Upgrades Chipotle Mexican Grill to Buy on Upside Potential
Bank of America raised its rating on Chipotle Mexican Grill (NYSE: CMG) from Neutral to Buy with a reiterated $320 price objective.
Bank of America noted, "We are raising our rating on CMG shares from Neutral to Buy with more than 20% appreciation potential to our price objective, which remains at $320. We view the sharp correction in CMG shares, down about 40% from the stock's 52-week and all time record high, as a buying opportunity for one of the few restaurant stocks with impressive growth stock attributes."
Chipotle Mexican Grill closed at $265.20 on Monday.
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