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Chipotle Mexican Grill offers 'a unique level of resilience' - KeyBanc

AuthorSam Boughedda
Published 06/23/2023, 08:24 AM
© Reuters. Chipotle Mexican Grill (CMG) offers 'a unique level of resilience' - KeyBanc
CMG
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KeyBanc Capital Markets raised its price target on Chipotle Mexican Grill (NYSE:CMG) to $2,300 from $2,050 in a note Friday, maintaining an Overweight rating.

KeyBanc analysts said the company has several tailwinds that could give its shares a boost, including sustained traffic momentum.

"Relative to our prior forecast, we see sustained traffic momentum, pricing power, and improving flow-through as inflation on avocados/chicken remains tame," wrote the analysts.

"Our slightly higher SSS growth assumptions are supported by proprietary/third-party data, including our web scrape, which suggests store hours are expanding."

KeyBanc believes Chipotle's digital capabilities, brand positioning, marketing/innovation expertise, and best-in-class unit returns "offer a unique level of resilience that is worth a premium relative to its peers."

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