Chipotle stock could surpass $2,000 ‘in a heartbeat’: Jim Cramer

September 06, 2023 05:19 AM AEST | By Invezz

Chipotle stock could surpass $2,000 ‘in a heartbeat’: Jim Cramer — Image source: Invezz

Cramer remains bullish on the Chipotle stock

The 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

Also 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.

The post Chipotle stock could surpass $2,000 ‘in a heartbeat’: Jim Cramer appeared first on Invezz.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.