Wealth-management firm Bernstein recently raised its price target on Chipotle Mexican Grill, Inc. (NYSE:CMG) to $65 from $60.
The firm reported that CMG’s products are cheaper than those of a number of its competitors, and it expects the firm’s data to start rebounding this quarter, compared with the same period two years earlier.
A chef plating up a wide variety of dishes for a restaurant chain.
Bernstein kept an Outperform rating on the name.
Relatively Inexpensive Offerings and a Potential Q2 Recovery
Chipotle Mexican Grill, Inc. is unlikely to cede market share to quick-service restaurants (QSR) because CMG’s prices have remained relatively low, the wealth-management firm wrote.
Further, during the current quarter, CMG’s two-year comparisons are likely to turn positive, Bernstein predicted. Among the positive catalysts likely to bring about the latter scenario are its upcoming marketing plans and its efforts to increase the speed at which its restaurants work, the wealth-management firm believes.
The Recent Price Action of CMG Stock
In the last month and in the last three months, Chipotle Mexican Grill is little changed.
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This article is originally published at Insider Monkey.
