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Wunderlich Raises Chipotle Price Target Following Q2 Results

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Chipotle: Strong Long-Term Outlook (Seeking Alpha)

Following the company's second quarter earnings just after the market close on Monday, Wunderlich analyst Robert Derrington hiked his price target on Chipotle Mexican Grill(NYSE: CMG) from $560 all the way to $680.

Despite this large increase, he remains on the sidelines with a Hold rating.

Derrington said the company posted a "dramatic" earnings beat ($3.50 vs. $3.10) and noted Chipotle had its best same-store-sales growth since the first quarter of 2004.

Looking ahead, he noted that the company is expecting further margin expansion and has increased its same-store sales growth rates from the high single-digits to the mid-teens. Based on this, Schindler has raised his 2014 and 2015 EPS estimates from $12.60 and $16.00 to $13.50 and $17.10.

Shares of Chipotle have jumped 10 percent in Tuesday's pre-market.

Latest Ratings for CMG

DateFirmActionFromTo
Feb 2017Maxim GroupUpgradesSellHold
Jan 2017JP MorganDowngradesOverweightNeutral
Jan 2017WedbushUpgradesUnderperformNeutral

View More Analyst Ratings for CMG
View the Latest Analyst Ratings

Posted-In: Robert Derrington WunderlichAnalyst Color News Price Target Reiteration Analyst Ratings

 

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