Why Jim Cramer Is Doubling Down On Chipotle Mexican Grill Stock

Chipotle Mexican Grill Inc CMG hit a new 52-week high after JPMorgan raised its price target and Raymond James upgraded the company Monday.

JPMorgan analyst John Ivankoe maintained Chipotle at Neutral and raised the price target from $1,350 to $1460.

Raymond James analyst Brian Vaccaro upgraded Chipotle from Market Perform to Outperform and announced an $1,800 price target. 

On CNBC's "Squawk On The Street" Monday, Jim Cramer said he likes the Raymond James price target of $1,800. 

Chipotle was able to make nearly as much money outside the store as it did inside the store before the COVID-19 pandemic, Cramer said.

Now, the inside of the store is going to open, he said.

"I think it's still a buy. I've liked these guys since $300 and I'm doubling down right here." 

See also: Chipotle Offers Employees Free Degrees In Agriculture, Culinary And Hospitality Studies

CMG Price Action: Chipotle was up 1.46% to $1,553.02 at last check Monday.

Image by samuelfernandezrivera from Pixabay.