Stifel Maintains Buy Rating on Chipotle (CMG) Despite Q2 Sales Dip

Chipotle Mexican Grill, Inc. (NYSE:CMG) ranks among the best non-tech stocks to buy according to billionaires. On July 25, Stifel retained its Buy rating and $65 price target on Chipotle Mexican Grill, Inc. (NYSE:CMG). According to Stifel, the Mexican-inspired restaurant chain’s second-quarter comparable sales and transactions fell 4% and 5%, respectively, showing “a challenging consumer environment and lapping extraordinary performance.”

Chipotle Mexican Grill, Inc. (NYSE:CMG) has taken a number of steps to combat the sales slowdown, including expanding its digital and marketing initiatives like the “Summer of Extras” rewards promotion, finishing the rollout of produce slicers, and adding high-efficiency equipment in more locations.

Management reports that comparable sales and traffic bounced back to positive territory in mid-June and have continued to do so through July, suggesting that the company’s efforts are yielding results.

Chipotle Mexican Grill, Inc. (NYSE:CMG) is a fast-casual restaurant chain that specializes in Mexican-inspired food, including salads, bowls, tacos, and burritos. The restaurant chain runs more than 3,500 outlets across the US, Canada, Europe, and the Middle East.

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