What's Going On With Chipotle Mexican Grill Stock?

Chipotle Mexican Grill Inc CMG shares are trading higher Tuesday. The company announced an agreement to open locations in the Middle East next year. Multiple analysts have also come out with positive updates this week. 

What To Know: Chipotle said on Tuesday that it signed a development agreement to open restaurants in the Middle East in an effort to accelerate its international expansion. The company will open new restaurants in Dubai and Kuwait early next year in partnership with international franchise retail operator Alshaya Group.

Chipotle said it plans to expand further across the Middle East following its launch in Dubai and Kuwait. 

"Leveraging Alshaya's market expertise will enable us to quickly gain access to these vibrant economies," said Brian Niccol, chairman and CEO of Chipotle.

"We are excited to offer guests in the Middle East our responsibly sourced, classically-cooked real food, and look forward to furthering our purpose to cultivate a better world in this new territory."

TD Cowen analyst Andrew Charles reiterated Chipotle with an Outperform rating and a $2,350 price target Tuesday. The reiteration comes a day after Oppenheimer maintained Chipotle with an Outperform and raised the price target from $2,050 to $2,350 and Morgan Stanley maintained Chipotle with an Equal-Weight and raised the price target from $1,910 to $2,025.

Chipotle is set to report second-quarter financial results on July 26. The company is expected to report earnings of $12.20 per share on quarterly revenue of $2.52 billion, per estimates from Benzinga Pro.

See Also: Retail Sales Growth Eases In June, But Still Signals Healthy Demand Conditions

CMG Price Action: Chipotle shares were up 1.29% at $2,155 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Chipotle.