Jim Cramer of CNBC stated on Tuesday that the stock price recovery of Chipotle Mexican Grill (CMG) had more room to grow.
The share price of Chipotle “is going back over $2,000 [per share] and it’s going to do it in a flash,” Cramer predicted. Chipotle last closed at a higher price over a month ago. But the price has increased more than 5% since its most recent low on August 10 to about $1,948 per share, including Tuesday’s roughly 0.5% intraday rise.
Baird’s price objective of $2,400 per share announced on Monday, according to Cramer, is “not a concern” for Chipotle. On July 18, the American fast-food business recorded a closing high for all time of roughly $2,153 per share.
Baird reiterated Chipotle as a top investment pick for investors during the ensuing 12 months, pointing out the company might adopt additional price increases to boost its profits in 2019.
Source (CNBC)
