1 Wall Street Analyst Thinks Chipotle Stock Is Going to $70. Is It a Buy?
Chipotle Mexican Grill (NYSE: CMG) is not only a purveyor of tasty meals like burritos and quesadillas, it's a high-potential investment. That is, if you accept the latest argument put forth by one analyst at a prominent, white-shoe investment bank. He believes the company's stock, which has performed very well in the past, is especially primed for growth in the near future.The analyst is Brian Harbour of Morgan Stanley, who at the beginning of March upgraded his recommendation on Chipotle's shares. He's now convinced they deserve an overweight (read: buy) designation, as opposed to his previous equalweight (hold) rating. Harbour also raised his price target on the stock to $70; formerly he believed it was worth $65. At that new target, the pundit is expecting the share price to rise by nearly 30%. That's quite the improvement, but he has several convincing reasons for this.Continue reading
Chipotle Mexican Grill (NYSE: CMG) is not only a purveyor of tasty meals like burritos and quesadillas, it's a high-potential investment. That is, if you accept the latest argument put forth by one analyst at a prominent, white-shoe investment bank. He believes the company's stock, which has performed very well in the past, is especially primed for growth in the near future.
The analyst is Brian Harbour of Morgan Stanley, who at the beginning of March upgraded his recommendation on Chipotle's shares. He's now convinced they deserve an overweight (read: buy) designation, as opposed to his previous equalweight (hold) rating. Harbour also raised his price target on the stock to $70; formerly he believed it was worth $65.
At that new target, the pundit is expecting the share price to rise by nearly 30%. That's quite the improvement, but he has several convincing reasons for this.
