Wedbush Upgrades Chipotle Mexican Grill, Boosts Price Target to $400
Wedbush analyst Nick Setyan believes that shares of Chipotle Mexican Grill (NYSE: CMG) will move higher by year-end on the back of potential price increases and the profit potential of a nationwide catering service.
Wedbush also noted that they see shares as "safe," based on modest first quarter expectations, as well as "solid Q1 and Q2-to-date checks."
Based on the study, it is estimated that three to four catering orders are purchased per week per store, in excess of $300. Wedbusg believed this could increase both the top and bottom lines more than the general consensus.
Wedbush upgraded Chipotle from Neutral to Outperform, from Neutral and increased the price target from $320 to $400.
Wedbush also raised CMG's EPS estimate for 2013 to $10.46, from $10.38 and also raised 2014 EPS to $13.03, from $12.23.
CMG is currently up ~.75% in early Monday trading.
Latest Ratings for CMG
|Feb 2017||Maxim Group||Upgrades||Sell||Hold|
|Jan 2017||JP Morgan||Downgrades||Overweight||Neutral|
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