{"id":24926,"date":"2023-04-26T18:24:16","date_gmt":"2023-04-26T18:24:16","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/chipotle-mexican-grill-stock\/"},"modified":"2023-04-26T18:24:59","modified_gmt":"2023-04-26T18:24:59","slug":"chipotle-mexican-grill-stock","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/chipotle-mexican-grill-stock\/","title":{"rendered":"Chipotle Mexican Grill stock heats up to record high after strong results"},"content":{"rendered":"<p>By Chibuike Oguh<\/p>\n<p>NEW YORK (Reuters) &#8211;     Shares of Chipotle Mexican Grill Inc soared to a record high on Wednesday after the burrito chain beat analysts&#8217; estimates for first-quarter profit and sales.<\/p>\n<p>Chipotle said its revenue rose 17% year-on-year to $2.4 billion, driven by higher restaurant sales, 41 new store openings, and increased demand from lower-income customers. Net income rose to $291.6 million, up 84% from the previous year, helped by lower avocado prices and lower delivery expenses.<\/p>\n<p>Analysts&#8217; average forecast of Chipotle&#8217;s revenue and net income were $2.33 billion and $248.4 million, according to Refinitiv data.<\/p>\n<p>Chipotle&#8217;s shares rose 14% to $2,030 in afternoon trading.<\/p>\n<p>Its stock has had a spectacular run since Brian Niccol was named chief executive in February 2018 just as the burrito chain was grappling with a wave of food poisoning outbreaks that crushed sales.  <\/p>\n<p \/>\n<p>(Graphic: Chipotle stock price &#8211; https:\/\/fingfx.thomsonreuters.com\/gfx\/buzz\/mypmoxxyapr\/CMG%20stock%20chart.png)<\/p>\n<p \/>\n<p>&#8220;We&#8217;d been a bit tactically cautious on Chipotle Mexican Grill shares post fourth quarter, albeit favorably inclined toward the longer-term growth story at the right price,&#8221; Morgan Stanley analysts wrote in a note to investors. <\/p>\n<p>&#8220;Recent performance sidelines the near-term bear concerns, which had focused on traffic or price sensitivity and margin upside versus current expectations.&#8221;<\/p>\n<p>More than a dozen Wall Street analysts hiked their price targets on the stock in reaction to the company&#8217;s report. The average rating on Chipotle among the 34 analysts covering the company is &#8220;buy&#8221; with a median price target of $2,050.00, up about 12% from a month ago, according to Refinitiv data.    <\/p>\n<p \/>\n<p> (Reporting by Chibuike Oguh in New York; Editing by Lance Tupper and Nick Zieminski)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/chipotle-mexican-grill-stock\/file-photo-people-are-served-in-a-chipotle-outlet-in\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3P0W4-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3P0W4-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Chibuike Oguh NEW YORK (Reuters) &#8211; Shares of Chipotle Mexican Grill Inc soared to a record high on Wednesday after the burrito chain beat analysts&#8217; estimates for first-quarter profit and sales. Chipotle said its revenue rose 17% year-on-year to $2.4 billion, driven by higher restaurant sales, 41 new store openings, and increased demand from [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":24927,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[],"class_list":["post-24926","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3P0W4-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/24926","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=24926"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/24926\/revisions"}],"predecessor-version":[{"id":24928,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/24926\/revisions\/24928"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/24927"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=24926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=24926"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=24926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}