Following recent conversations with management, Piper Jaffray analyst Nicole Miller Regan reiterates her bullish position on Chipotle Mexican Grill shares "with a high degree of conviction."
Throughput and digital traction are driving what the analyst continues to expect to be a 9% comp for the Q3 period. The analyst, who urges investors to buy Chipotle shares, updated her "bull case earnings power analysis" to $30 per share in fiscal 2021, up from $25 prior and versus the current consensus at $21.
The stock should continue to work higher during its current near-term recovery phase followed by the potential long-term compounding impact of growth and potentially international franchising, Regan tells investors in a research note. She reiterates an Overweight rating on Chipotle shares with a $904 price target.
The stock closed Thursday down 22c to $817.57.
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