CMG

Chipotle Mexican Grill, Inc. (NYSE: CMG) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/02/2024 3.07% Stifel $2450 → $2560 Maintains Buy 01/25/2024 2.66% Raymond James $2450 → $2550 Maintains Outperform 01/24/2024 8.66% Citigroup $2292 → $2699 Maintains Buy 01/22/2024 6.69% Baird → $2650 Reiterates Outperform → Outperform 01/16/2024 -10.38% Piper Sandler $1930 → $2226 Maintains Neutral 01/05/2024 1.66% Oppenheimer $2225 → $2525 Maintains Outperform 01/04/2024 -1.36% Stifel $2100 → $2450 Maintains Buy 01/03/2024 -9.58% Barclays $1885 → $2246 Maintains Equal-Weight 01/02/2024 12.73% Stephens & Co. $2330 → $2800 Maintains Overweight 12/21/2023 -3.38% Wedbush → $2400 Downgrades Outperform → Neutral 12/07/2023 -1.36% Raymond James $2100 → $2450 Maintains Outperform 12/01/2023 -2.37% RBC Capital $2185 → $2425 Maintains Outperform 10/27/2023 -11.43% TD Cowen → $2200 Reiterates Outperform → Outperform 10/27/2023 -16.66% Morgan Stanley $2010 → $2070 Maintains Equal-Weight 10/27/2023 -6.19% Stephens & Co. […]

Chipotle Mexican Grill, Inc. (NYSE: CMG) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/24/2024 15.8% Citigroup $2292 → $2699 Maintains Buy 01/22/2024 13.7% Baird → $2650 Reiterates Outperform → Outperform 01/16/2024 -4.49% Piper Sandler $1930 → $2226 Maintains Neutral 01/05/2024 8.34% Oppenheimer $2225 → $2525 Maintains Outperform 01/04/2024 5.12% Stifel $2100 → $2450 Maintains Buy 01/03/2024 -3.64% Barclays $1885 → $2246 Maintains Equal-Weight 01/02/2024 20.13% Stephens & Co. $2330 → $2800 Maintains Overweight 12/21/2023 2.97% Wedbush → $2400 Downgrades Outperform → Neutral 12/07/2023 5.12% Raymond James $2100 → $2450 Maintains Outperform 12/01/2023 4.04% RBC Capital $2185 → $2425 Maintains Outperform 10/27/2023 -5.61% TD Cowen → $2200 Reiterates Outperform → Outperform 10/27/2023 -11.19% Morgan Stanley $2010 → $2070 Maintains Equal-Weight 10/27/2023 -0.03% Stephens & Co. → $2330 Reiterates Overweight → Overweight 10/27/2023 -3.46% Keybanc $2200 → $2250 Maintains Overweight 10/24/2023 -2.18% Truist

Chipotle Mexican Grill, Inc. (NYSE: CMG) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/16/2024 -2.29% Piper Sandler $1930 → $2226 Maintains Neutral 01/05/2024 10.84% Oppenheimer $2225 → $2525 Maintains Outperform 01/04/2024 7.55% Stifel $2100 → $2450 Maintains Buy 01/03/2024 -1.41% Barclays $1885 → $2246 Maintains Equal-Weight 01/02/2024 22.91% Stephens & Co. $2330 → $2800 Maintains Overweight 12/21/2023 5.35% Wedbush → $2400 Downgrades Outperform → Neutral 12/07/2023 7.55% Raymond James $2100 → $2450 Maintains Outperform 12/01/2023 6.45% RBC Capital $2185 → $2425 Maintains Outperform 10/27/2023 -3.43% TD Cowen → $2200 Reiterates Outperform → Outperform 10/27/2023 -9.13% Morgan Stanley $2010 → $2070 Maintains Equal-Weight 10/27/2023 2.28% Stephens & Co. → $2330 Reiterates Overweight → Overweight 10/27/2023 -1.23% Keybanc $2200 → $2250 Maintains Overweight 10/24/2023 0.08% Truist Securities → $2280 Reiterates Buy → Buy 10/23/2023 -18.13% Barclays $1950 → $1865 Maintains Equal-Weight 10/20/2023 -3.43%

Piper Sandler analyst Brian Mullan maintains Chipotle Mexican Grill (NYSE:CMG) with a Neutral and raises the price target from $1930 to $2226.

Chipotle Mexican Grill, Inc. (NYSE: CMG) stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/05/2024 13.56% Oppenheimer $2225 → $2525 Maintains Outperform 01/04/2024 10.19% Stifel $2100 → $2450 Maintains Buy 01/03/2024 1.02% Barclays $1885 → $2246 Maintains Equal-Weight 01/02/2024 25.93% Stephens & Co. $2330 → $2800 Maintains Overweight 12/21/2023 7.94% Wedbush → $2400 Downgrades Outperform → Neutral 12/07/2023 10.19% Raymond James $2100 → $2450 Maintains Outperform 12/01/2023 9.07% RBC Capital $2185 → $2425 Maintains Outperform 10/27/2023 -1.05% TD Cowen → $2200 Reiterates Outperform → Outperform 10/27/2023 -6.9% Morgan Stanley $2010 → $2070 Maintains Equal-Weight 10/27/2023 4.79% Stephens & Co. → $2330 Reiterates Overweight → Overweight 10/27/2023 1.2% Keybanc $2200 → $2250 Maintains Overweight 10/24/2023 2.54% Truist Securities → $2280 Reiterates Buy → Buy 10/23/2023 -16.12% Barclays $1950 → $1865 Maintains Equal-Weight 10/20/2023 -1.05% Wedbush → $2200 Reiterates Outperform → Outperform 10/19/2023 6.82%

Chipotle Mexican Grill, Inc. (NYSE: CMG) stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/03/2024 0.06% Barclays $1885 → $2246 Maintains Equal-Weight 01/02/2024 24.74% Stephens & Co. $2330 → $2800 Maintains Overweight 12/21/2023 6.92% Wedbush → $2400 Downgrades Outperform → Neutral 12/07/2023 9.14% Raymond James $2100 → $2450 Maintains Outperform 12/01/2023 8.03% RBC Capital $2185 → $2425 Maintains Outperform 10/27/2023 -1.99% TD Cowen → $2200 Reiterates Outperform → Outperform 10/27/2023 -7.78% Morgan Stanley $2010 → $2070 Maintains Equal-Weight 10/27/2023 3.8% Stephens & Co. → $2330 Reiterates Overweight → Overweight 10/27/2023 0.23% Keybanc $2200 → $2250 Maintains Overweight 10/24/2023 1.57% Truist Securities → $2280 Reiterates Buy → Buy 10/23/2023 -16.92% Barclays $1950 → $1865 Maintains Equal-Weight 10/20/2023 -1.99% Wedbush → $2200 Reiterates Outperform → Outperform 10/19/2023 5.8% Deutsche Bank → $2375 Initiates Coverage On → Buy 10/18/2023 -6.45% Raymond James $2300 → $2100

Chipotle Mexican Grill, Inc. (NYSE: CMG) stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/02/2024 22.43% Stephens & Co. $2330 → $2800 Maintains Overweight 12/21/2023 4.94% Wedbush → $2400 Downgrades Outperform → Neutral 12/07/2023 7.13% Raymond James $2100 → $2450 Maintains Outperform 12/01/2023 6.04% RBC Capital $2185 → $2425 Maintains Outperform 10/27/2023 -3.8% TD Cowen → $2200 Reiterates Outperform → Outperform 10/27/2023 -9.49% Morgan Stanley $2010 → $2070 Maintains Equal-Weight 10/27/2023 1.88% Stephens & Co. → $2330 Reiterates Overweight → Overweight 10/27/2023 -1.62% Keybanc $2200 → $2250 Maintains Overweight 10/24/2023 -0.3% Truist Securities → $2280 Reiterates Buy → Buy 10/23/2023 -18.45% Barclays $1950 → $1865 Maintains Equal-Weight 10/20/2023 -3.8% Wedbush → $2200 Reiterates Outperform → Outperform 10/19/2023 3.85% Deutsche Bank → $2375 Initiates Coverage On → Buy 10/18/2023 -8.18% Raymond James $2300 → $2100 Maintains Outperform 10/11/2023 1.88% Stephens & Co. $2400

Chipotle Mexican Grill, Inc. (NYSE: CMG) stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 12/21/2023 3.63% Wedbush → $2400 Downgrades Outperform → Neutral 12/07/2023 5.79% Raymond James $2100 → $2450 Maintains Outperform 12/01/2023 4.71% RBC Capital $2185 → $2425 Maintains Outperform 10/27/2023 -5.01% TD Cowen → $2200 Reiterates Outperform → Outperform 10/27/2023 -10.62% Morgan Stanley $2010 → $2070 Maintains Equal-Weight 10/27/2023 0.6% Stephens & Co. → $2330 Reiterates Overweight → Overweight 10/27/2023 -2.85% Keybanc $2200 → $2250 Maintains Overweight 10/24/2023 -1.55% Truist Securities → $2280 Reiterates Buy → Buy 10/23/2023 -19.47% Barclays $1950 → $1865 Maintains Equal-Weight 10/20/2023 -5.01% Wedbush → $2200 Reiterates Outperform → Outperform 10/19/2023 2.55% Deutsche Bank → $2375 Initiates Coverage On → Buy 10/18/2023 -9.33% Raymond James $2300 → $2100 Maintains Outperform 10/11/2023 0.6% Stephens & Co. $2400 → $2330 Maintains Overweight 10/11/2023 -2.42% Citigroup $2391 → $2260

Wedbush Downgrades Chipotle Mexican Grill to Neutral From Outperform, Views Slowing Growth Trajectory as 2024 Progresses May Jeopardize Current Valuation, Raises Price Target to $2,400 From $2,200.

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We lift our 12-month target price to $2,630 from $2,110, 49.6x our 2024 EPS, a discount to CMG’s five-year average forward P/E of 63.6x. We keep our 2023 EPS estimate at $44.58 but raise our 2024 EPS estimate to $52.99 (from $52.69). Despite CMG shares rallying by an impressive 20% since its Q3 earnings call, we are still confident in the potential for further upside in 2024. While we expect some ongoing inflation pressures, particularly from food costs (primarily beef) and labor, we maintain a positive outlook given the anticipated impact of lower interest rates on CMG’s core operations, coupled with its robust growth prospects relative to peers. Moreover, we think CMG remains strategically well positioned to capitalize on its higher menu prices and drive sales growth

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We trim our 12-month target price to $2,110 from $2,220, 40x our 2024 EPS, below CMG’s five-year average forward P/E but in line with its peers. We trim our 2023 EPS to $44.58 from $45.04 and 2024’s to $52.69 from $55.54. CMG posts Q3 adj-EPS of $11.36, $0.73 above consensus. Revenue of $2,471M (+11.3% Y/Y) was in line with consensus. Operating income grew 17.5% Y/Y to $395M, with margin widening 80 bps Y/Y to 16.0% vs 15.3% consensus. Comp sales rose 5.0% vs 4.4% consensus, driven by transactions and pricing, partly offset by mix. Despite the drag on sales from mix, CMG has begun to see this ease in Q4, along with continued growth in comp transactions (mid-single digits). However, margins are expected to face near-term pressure

CHIPOTLE ANNOUNCES THIRD QUARTER 2023 RESULTS NEWPORT BEACH, Calif., Oct. 26, 2023 COMPARABLE SALES INCREASE 5% DRIVEN BY TRANSACTION GROWTH AS MARGINS EXPAND NEWPORT BEACH, Calif., Oct. 26, 2023  — Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its third quarter ended September 30, 2023. Third quarter highlights, year over year: — Total revenue increased 11.3% to $2.5 billion — Comparable restaurant sales increased 5.0% — Operating margin was 16.0%, an increase from 15.1% — Restaurant level operating margin was 26.3% 1, an increase of 100 basis points — Diluted earnings per share was $11.32, a 23.0% increase from $9.20. Adjusted diluted earnings per share, which excluded a $0.04 after-tax impact from expenses related to corporate restructuring, was $11.361, a 19.5% increase from $9.511. — Opened 62 new restaurants with 54 locations including a Chipotlane “Chipotle’s value proposition including customized, delicious culinary served quickly with great hospitality,