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Chipotle Mexican Grill Inc (NYSE:CMG) is trading slightly lower Monday following a downgrade from Raymond James.
What Happened: Raymond James analyst Brian Vaccaro downgraded Chipotle from Strong Buy to Outperform and raised the price target from $1,800 to $2,025.
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Cramer's Take: Although Chipotle's stock has run a lot, it's not going to come down, Jim Cramer said Monday on CNBC's "Squawk On The Street."
"I read the whole report and it makes me want to buy the stock really badly," Cramer said.
The Raymond James analyst downgraded the stock, but raised the price target, the CNBC host said.
The analyst expects Chipotle to exceed expectations, Cramer said.
See Also: 10 Biggest Price Target Changes For Monday
Cramer told CNBC he thinks the analyst report is "prudent" in identifying that the stock may not have much room to move higher in the short term.
"I like the stock long-term, but short-term for traders [it's a] good piece," Cramer said.
CMG Price Action: Chipotle has traded as high as $1,912.75 and as low as $1,167.30 over a 52-week period.
At last check Monday, the stock was down 0.52% at $1,878.07.
Photo: courtesy of Chipotle.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.