BUZZ-Chipotle hits fresh peak as brokerages cheer robust sales growth

Reuters04-25

(Updates)

** Shares of Chipotle Mexican Grill rise 4% to record high of $3,047.16 in early trade after co raises FY sales forecast

** Co expects FY24 comparable restaurant sales growth of mid-to-high-single-digit pct vs previous forecast of mid-single-digit pct growth

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

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

** At least 17 brokerages raise PT on stock, encouraged by restaurant chain's faster service time and traffic out-performance, and solid demand for burrito and rice bowl

** Stock set for fourth straight session of gains

** 24 of 34 brokerages rate CMG stock "buy" or higher, 10 "hold"; their median PT is $3,300

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

(Reporting by Pranav Kashyap in Bengaluru)

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

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