Chipotle Mexican Grill Inc (NYSE:CMG) shares are trading slightly lower Wednesday after the company reported better-than-expected financial results.
Chipotle said first-quarter revenue increased 16% year-over-year to $2.02 billion, which beat the $2.01 billion estimate. The company reported quarterly adjusted earnings of $5.70 per share, which beat the estimate of $5.65 per share, according to data from Benzinga Pro.
In-restaurant sales increased 33.1% year-over-year and operating margin grew to 9.4% in the first quarter.
Assuming current trends continue, Chipotle said it expects comparable restaurant sales growth to be between 10% and 12% in 2022. The company also expects to add between 235 and 250 new restaurants this year.
Analyst Assessment:
- Cowen & Co. analyst Andrew Charles maintained Chipotle with an Outperform rating and lowered the price target from $1950 to $1830.
- Citigroup analyst Jon Tower maintained Chipotle with a Buy rating and raised the price target from $1900 to $1926.
- Barclays analyst Jeffrey Bernstein maintained Chipotle with an Equal-Weight rating and lowered the price target from $1630 to $1585.
- Morgan Stanley maintained Chipotle with an Overweight rating and raised the price target from $1903 to $1904.
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CMG 52-Week Range: $1,277.41 - $1,958.54
The stock was up down 0.85% at $1,426.05 at time of publication.
Photo: courtesy of Chipotle.
