Chipotle Mexican Grill PT Set at $600.00 by Bank of America Corp. (CMG)
Equities research analysts at Bank of America Corp. set a $600.00 target price on shares of Chipotle Mexican Grill (NYSE:CMG) stock in a research note issued to investors on Wednesday, AR Network reports. The firm currently has a a “buy” rating on the stock. Bank of America Corp.’s target price suggests a potential upside of 13.65% from the company’s current price.
The analysts wrote, “We continue to rate CMG shares Buy and are raising our price objective from $525 to $600 as we expect valuation to move higher into a 45x-50x P/E range. This higher valuation range ties to our projections for EPS growth in excess of 20% in each of the next two years, faster than what we view as a long term growth rate of 20%. Our confidence is based on an accelerated sales trend with same store sales up mid-single digits driven entirely by traffic, the likelihood of Chipotle surpassing its targeted number of openings again this year, and pricing plans for 2014 that seem more probable to be executed.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Argus raised their price target on shares of Chipotle Mexican Grill from $470.00 to $580.00 in a research note to investors on Monday, October 21st. They now have a “buy” rating on the stock. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Chipotle Mexican Grill in a research note to investors on Monday, October 21st. They now have a $535.00 price target on the stock. Finally, analysts at Miller Tabak downgraded shares of Chipotle Mexican Grill from a “buy” rating to a “hold” rating in a research note to investors on Monday, October 21st. They now have a $490.00 price target on the stock. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $456.78.
Chipotle Mexican Grill (NYSE:CMG) traded down 0.53% during mid-day trading on Wednesday, hitting $525.11. The stock had a trading volume of 74,553 shares. Chipotle Mexican Grill has a 52-week low of $233.82 and a 52-week high of $425.50. The stock’s 50-day moving average is $408.1 and its 200-day moving average is $368.4. The company has a market cap of $16.249 billion and a P/E ratio of 53.47.
Chipotle Mexican Grill (NYSE:CMG) last issued its quarterly earnings data on Thursday, October 17th. The company reported $2.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.77 by $0.11. The company had revenue of $826.90 million for the quarter, compared to the consensus estimate of $820.28 million. During the same quarter in the previous year, the company posted $2.27 earnings per share. The company’s revenue for the quarter was up 18.0% on a year-over-year basis. On average, analysts predict that Chipotle Mexican Grill will post $10.46 earnings per share for the current fiscal year.
In other Chipotle Mexican Grill news, CMO Mark Crumpacker sold 3,353 shares of the stock on the open market in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $515.55, for a total transaction of $1,728,639.15. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
Chipotle Mexican Grill, Inc and its subsidiaries (NYSE:CMG) operate restaurants throughout the United States, as well as two restaurants in Toronto, Canada and two in London, England.
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