Benzinga - by Avi Kapoor, Benzinga Staff Writer.
Chipotle Mexican Grill, Inc. (NYSE:CMG) reported better-than-expected first-quarter financial results.
Chipotle said first-quarter revenue increased 14.1% year-over-year to $2.702 billion, which beat the consensus estimate of $2.675 billion, according to Benzinga Pro. The fast-casual restaurant chain company reported adjusted earnings of $13.37 per share, which beat analyst estimates of $11.68 per share.
Comparable restaurant sales increased 7% year-over-year due to higher transactions and a 1.6% increase in average check.
"We had another outstanding quarter driven by our improvement in throughput and successful marketing initiatives, including Braised Beef Barbacoa and Chicken Al Pastor, which drove strong sales and transactions," said Brian Niccol, chairman and CEO of Chipotle.
Chipotle expects full-year 2024 comparable restaurant sales growth in the mid- to high-single-digit range. The company anticipates opening between 285 and 315 new restaurants in 2024 with over 80% including a Chipotlane.
Chipotle shares gained 0.4% to close at $2,926.76 on Wednesday.
These analysts made changes to their price targets on Chipotle following earnings announcement.
- TD Cowen boosted the price target on Chipotle from $3,400 to $3,500. TD Cowen analyst Andrew Charles maintained a Buy rating.
- Stephens & Co. boosted the price target on Chipotle from $3,010 to $3,050. Stephens & Co. analyst Jim Salera maintained an Equal-Weight rating.
- Baird increased the price target on Chipotle from $3,250 to $3,500. Baird analyst David Tarantino maintained an Outperform rating.
- Wedbush increased the price target on Chipotle from $2,850 to $3,200. Wedbush analyst Nick Setyan maintained a Neutral rating.
- Oppenheimer raised the price target on Chipotle from $2,825 to $3,300. Oppenheimer analyst Brian Bittner reiterated an Outperform rating.
- Piper Sandler increased the price target on Chipotle from $2,442 to $3,070. Piper Sandler analyst Brian Mullan maintained a Neutral rating.
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