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Stock Market & Financial Investment News

News Breaks
July 22, 2014
11:38 EDTCMG, PNRA, NDLS, FRGIChipotle hits 52-week high after beat and raise quarter
Shares of fast casual restaurant operator Chipotle Mexican Grill (CMG) are rallying after the company's second quarter results handily beat analysts' consensus estimates and it raised its fiscal 2014 comparable restaurant sales outlook. WHAT'S NEW: Last night, Chipotle reported Q2 earnings per share of $3.50 and revenue of $1.05B, easily beating analysts' consensus estimates of $3.08 and $988.94M, respectively. Q2 comparable restaurant sales increased 17.3%. WHAT'S NOTABLE: Chipotle raised its FY14 comparable restaurant sales outlook to mid-teens growth from high single digit growth. It forecast 180195 new restaurant openings in 2014. On the company's earnings conference call, management said throughput improved significantly during both lunch and evening hours and they expect that trend to continue for a "long, long time." They see a solid pipeline for potential new sites for this year and beyond, noting that 70% of new stores will be in developed markets. They targeted 30% restaurant operating margin in late 2014 or early 2015, up from about 27% currently. ANALYST REACTION: This morning, analyst commentary was decidedly positive. Five separate firms - Piper Jaffray, Bank of America Merrill Lynch, JP Morgan, RW Baird, and RBC Capital - all raised their respective price targets on Chipotle. Among those, Baird took its target on the stock to the highest level, hiking its target on the stock to $800 from $650. Baird called the company's Q2 results "impressive" and said it remains highly confident in Chipotle's fundamental outlook, robust traffic momentum and long-term growth prospects. The firm keeps an Outperform rating on the shares. PRICE ACTION: In late morning trading, Chipotle rose $72, or about 12%, to nearly $662 per share on nearly twice its average daily trading volume. Earlier in the session, the stock hit a new 52-week high of $663.43. Including today's advance, the stock is up approximately 65% over the past 12 months. OTHERS TO WATCH: Other companies in the fast casual restaurant space include Panera Bread (PNRA), Noodles & Company (NDLS) and Fiesta Restaurant Group (FRGI).
News For CMG;PNRA;NDLS;FRGI From The Last 14 Days
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September 30, 2014
07:32 EDTCMGWells Fargo to hold a summit
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September 24, 2014
07:51 EDTCMGChipotle Mexican Grill October volatility elevated
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September 23, 2014
05:49 EDTCMGStocks with implied volatility movement; HLF CMG
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September 16, 2014
07:56 EDTFRGIPiper Jaffray to hold a field trip
Restaurant Field Trip travels throughout Dallas, Texas on September 16.

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