BUZZ-Chipotle Mexican Grill up after lifting annual sales forecast

Reuters04-25

** Shares of Chipotle Mexican Grill up 3.2% to $3,020 premarket after the restaurant chain raises full-year sales forecast

** CMG's stock breached the $3,000 mark for the first time last month after the co approved a 50-for-1 stock split

** Co expects comparable restaurant sales growth of mid-to-high-single-digit percentage for 2024 vs previous mid-single digit percentage growth

** It raised forecast on the back of resilient demand for its burritos and rice bowls despite higher menu prices

** CMG brought back its popular chicken al pastor dish across North America and Europe during Q1 for a limited period to drive more orders

** Co's comparable sales rose 7% in Q1 compared with estimates of a 4.97% increase; adj. profit beat estimates

** At least 14 brokerages raised PT after results; median PT at $3,300, per LSEG data

** Stock is up 28% YTD as of last close

(Reporting by Pranav Kashyap in Bengaluru)

((Pranav.Kashyap@thomsonreuters.com;))

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