Chipotle stock could surpass $2,000 ‘in a heartbeat’: Jim Cramer
- Jim Cramer reiterates his bullish view on Chipotle Mexican Grill Inc.
- Baird analyst also sees upside in this restaurant stock to $2,400.
- Chipotle stock is already up more than 40% versus the start of 2023.
Chipotle Mexican Grill Inc (NYSE: CMG) shareholders have been a happy lot this year but Jim Cramer is convinced that they’ll be happier still moving forward.
Cramer remains bullish on the Chipotle stock
Copy link to sectionThe chain of fast casual restaurants came in a bit shy of Street estimates for sales in the second quarter. Still, the Mad Money host continues to see significant upside in this food stock.
Chipotle stock is going back over $2,000 and it is going to do it in a heartbeat.
It is worth noting here that Chipotle continues to see between 5.0% and 9.0% annualised growth in its same-store sales this year despite falling short of expectations in its latest reported quarter.
That may partly be why Jim Cramer remains confident and recommends investing in what he calls a “senior growth stock”.
Baird sees upside in Chipotle stock to $2,400
Copy link to sectionAlso on Tuesday, Baird analyst David Tarantino reiterated Chipotle Mexican Grill Inc as a top idea and said its shares could climb to an all-time high of $2,400.
He’s constructive on the food company partly because its management could decide in favour of raising prices further to stimulate margin growth next year, as per his research note.
We expect signs of strong same-store traffic momentum and further pricing actions to lead to an upward bias to EPS estimates and support robust valuation metrics on CMG heading into year-end.
According to Jim Cramer, the New York-listed firm could easily hit the $2,400 price objective Tarantino announced for Chipotle stock today.
