Chipotle Opens Up; Analyst Says Street Comp View Too Low
Chipotle Mexican Grill (NYSE: CMG) opened sharply higher Thursday after Cleveland Research said it expects restaurant chain same-store sales growth to accelerate in the wake of menu price hikes.
Cleveland's Steve Gojak believes the high-flying restaurant chain's comparable sales are accelerating from the second quarter on traffic growth and recent price increases.
Gojack reiterated a Buy rating and said Street estimates of same-store sales growth for the third quarter and full year are too low.
Chipotle posted second-quarter same-store sales growth of 17.3 while revenue grew 28 percent to $1.05 billion.
Chipotle, up 30 percent year to date, opened Thursday at $692.92, up more than two percent.
Latest Ratings for CMG
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.