Cowen & Co. has decided to maintain its Outperform rating of Chipotle Mexican Grill (NYSE:CMG) and lower its price target from $1950.00 to $1830.00.
Shares of Chipotle Mexican Grill are trading up 2.75% over the last 24 hours, at $1477.70 per share.
A move to $1830.00 would account for a 23.84% increase from the current share price.
About Chipotle Mexican Grill
Chipotle Mexican Grill is the largest fast-casual chain restaurant in the United States, with systemwide sales of $7.5 billion over the last twelve months. The Mexican concept is entirely company-owned, with a footprint of nearly 3,000 stores at the end of 2021 heavily indexed to the United States, though the firm maintains a small presence in Canada, the U.K., France, and Germany. Chipotle sells burritos, burrito bowls, tacos, quesadillas, and beverages, with a selling proposition built around competitive prices, high-quality food sourcing, speed of service, and convenience. The company generates its revenue entirely from restaurant sales and delivery fees.
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