Chipotle new store productivity concerns overblown, says Credit Suisse Credit Suisse believes concerns regarding multiple risk from new store productive are overblown. The firm said most of the Q2 NSP declines are due to temporary factors and that there is no structural problems with new unit locations. Shares are Neutral rated with a $390 price target.
News For CMG From The Last 14 Days
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Chipotle Q2 same-store-sales estimate raised to 4% from 3% at Wedbush Wedbush's Chipotle checks indicate Q2 same-store-sales are tracking slightly ahead of Street estimates of 3.8% driven by increased marketing, improved throughput, and new menu items. Checks also indicate catering is strong and is seeing increased traction and that a price increase in the 3-5% range is likely in 2H 2013 given increased commodity costs. The analyst raised estimates given strong comps and raised its price target to $420 from $400. Shares are Outperform rated.