Upgrade Alert for Chipotle Mexican Grill, Inc. (CMG)

Chipotle Mexican Grill, Inc. (CMG), which hit a fresh record high of $674.00 Friday, before closing at $660.20, had its price target raised to $793 from $648 at Citigroup (C). The firm currently has a “Buy” rating on the stock. Citi’s new price target suggests a potential upside of 18.28% from the company’s current price-per-share.

Citigroup raised its price target for Chipotle shares citing strong sales momentum following the company’s Q2 results. Last week the Denver-based burrito maker reported second-quarter earnings of $3.50 per share, beating Wall Street’s predictions of $3.09 per share.

Revenue rose 28% to $1.05 billion surpassing expectations for $990 million.

Chipotle shares closed at $660.20 on Friday afternoon ; the stock is up 66% on a year-over-year basis and 26.43% year-to-date.

CMG has been the subject of a number of other recent research reports. Analysts at Barclays Plc (BCS) maintained their ‘Equal-weight’ rating and a $690 price target on shares of Chipotle Mexican Grill in a research note July 22. Separately, analysts at Deutsche Bank (DB) and Jefferies Group (JEF) maintained a ‘Hold’ rating on shares of the company in a research note on Tuesday, July 22. Finally, analysts at Raymond James and JP Morgan (JPM) maintained their ‘Outperform’ and ‘Overweight’ rating on CMG in a report also released on July 22. The firms set a price target of $725 and $670, respectively.

Chipotle Mexican Grill, Inc. shares, which currently have an average 3-month trading volume of 481K shares, trade at a trailing-12 P/E of 63.19, a forward P/E of 39.14 and a P/E to growth ratio of 2.09. The median Wall Street price target on the company’s stock is $685 per share with a high target of $800 per share.

In terms of profitability, Chipotle’s trailing-12 profit margin currently stands at more than 9.80% while operating margin is at 16.25%. The $21 billion market cap company reported $805 million in cash vs. $0 in debt in its most recent quarter.

Chipotle Mexican Grill operates fast-casual and fresh Mexican food restaurants. The company was founded in 1993 and is based in Denver, Colorado.

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