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Chipotle Opens Up; Analyst Says Street Comp View Too Low

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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

DateFirmActionFromTo
Jan 2018Raymond JamesUpgradesUnderperformMarket Perform
Oct 2017BMO CapitalMaintainsMarket Perform
Oct 2017Credit SuisseMaintainsNeutral

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