Chipotle Mexican Grill (NYSE:CMG) Price Target Cut to $45.00 by Analysts at Citigroup

Key Points

• Citigroup lowered its price target on Chipotle Mexican Grill from $46 to $45 but kept a buy rating, implying about 24% upside from the current share price.
• Other analysts remain broadly positive, with several maintaining or upgrading ratings; overall, Chipotle has a Moderate Buy consensus and an average target price of $45.10.
• Chipotle recently reported Q1 earnings of $0.24 per share, matching expectations, while revenue rose 7.4% year over year to $3.09 billion.

Chipotle Mexican Grill (NYSE:CMG - Get Free Report) had its target price dropped by stock analysts at Citigroup from $46.00 to $45.00 in a research note issued on Monday,Benzinga reports. The firm presently has a "buy" rating on the restaurant operator's stock. Citigroup's target price suggests a potential upside of 24.13% from the stock's current price.

A number of other brokerages have also issued reports on CMG. Piper Sandler decreased their price target on Chipotle Mexican Grill from $44.00 to $42.00 and set an "overweight" rating for the company in a research note on Thursday, April 30th. TD Cowen reiterated a "buy" rating and set a $44.00 target price on shares of Chipotle Mexican Grill in a research report on Thursday, April 30th. JPMorgan Chase & Co. raised shares of Chipotle Mexican Grill from a "neutral" rating to an "overweight" rating and reduced their price target for the stock from $38.00 to $35.00 in a research note on Friday, June 5th. Weiss Ratings raised shares of Chipotle Mexican Grill from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Thursday, June 25th. Finally, Raymond James Financial dropped their target price on shares of Chipotle Mexican Grill from $43.00 to $41.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 21st. Twenty-three equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $45.10.

Chipotle Mexican Grill Stock Performance

Shares of Chipotle Mexican Grill stock opened at $36.25 on Monday. The stock has a market cap of $46.50 billion, a price-to-earnings ratio of 33.24, a price-to-earnings-growth ratio of 2.28 and a beta of 0.97. The stock has a 50 day moving average price of $32.36 and a 200-day moving average price of $34.97. Chipotle Mexican Grill has a one year low of $28.03 and a one year high of $55.75.

Chipotle Mexican Grill (NYSE:CMG - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The restaurant operator reported $0.24 earnings per share for the quarter, meeting the consensus estimate of $0.24. Chipotle Mexican Grill had a return on equity of 49.64% and a net margin of 11.96%.The company had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.07 billion. During the same quarter in the prior year, the firm posted $0.29 EPS. Chipotle Mexican Grill's quarterly revenue was up 7.4% compared to the same quarter last year. Sell-side analysts predict that Chipotle Mexican Grill will post 1.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Chipotle Mexican Grill

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Chipotle Mexican Grill by 14.8% during the 4th quarter. Vanguard Group Inc. now owns 144,588,220 shares of the restaurant operator's stock worth $5,349,764,000 after buying an additional 18,660,882 shares during the last quarter. Capital World Investors raised its stake in Chipotle Mexican Grill by 15.8% in the fourth quarter. Capital World Investors now owns 101,688,010 shares of the restaurant operator's stock valued at $3,762,457,000 after buying an additional 13,843,222 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Chipotle Mexican Grill by 18.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 58,447,867 shares of the restaurant operator's stock worth $2,162,572,000 after acquiring an additional 9,237,720 shares in the last quarter. Capital International Investors grew its stake in shares of Chipotle Mexican Grill by 17.7% during the fourth quarter. Capital International Investors now owns 45,294,212 shares of the restaurant operator's stock worth $1,675,895,000 after acquiring an additional 6,796,285 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Chipotle Mexican Grill during the fourth quarter worth about $711,837,000. 91.30% of the stock is owned by hedge funds and other institutional investors.

About Chipotle Mexican Grill

Chipotle Mexican Grill is a fast-casual restaurant company known for its Mexican-inspired menu of burritos, bowls, tacos and salads. Founded in 1993 by Steve Ells, the chain emphasizes fresh, customizable meals made from a limited menu of core ingredients and a focus on ingredient quality. Chipotle operates primarily company-owned restaurants and offers dine-in, takeout, catering and delivery through its own digital platforms and third-party partners.

The company is headquartered in Newport Beach, California, and traces its roots to Denver, Colorado.

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