Chipotle's Q2 Growth Is Influenced By Menu Innovation And Stable Labor Costs, Analyst Predicts Accelerated Market Share Gains
Portfolio Pulse from Shivani Kumaresan
Wedbush analyst Nick Setyan reiterated an Outperform rating on Chipotle Mexican Grill Inc (NYSE:CMG) and raised the price target from $2,200 to $2,300. He expects Q2 same-store-sales growth to be in-line or slightly above the 7.4% consensus, driven by menu innovation, loyalty/digital, throughput, and marketing spend growth. Stable labor costs and a stable-to-down delivery mix outlook are also expected to contribute to the upside.
June 21, 2023 | 7:12 pm
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Wedbush analyst Nick Setyan raised Chipotle's price target to $2,300 and expects Q2 same-store-sales growth to be in-line or slightly above the 7.4% consensus, driven by menu innovation, loyalty/digital, throughput, and marketing spend growth.
The analyst's positive outlook on Chipotle's Q2 same-store-sales growth, driven by factors such as menu innovation, loyalty/digital, throughput, and marketing spend growth, is likely to have a positive short-term impact on the stock price. Additionally, the raised price target from $2,200 to $2,300 signals increased confidence in the company's performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100