Chipotle Mexican Grill Inc CMG is trading higher Wednesday after the company announced better-than-expected fourth-quarter earnings results and issued guidance.
Chipotle reported quarterly revenue of $1.96 billion, which was in line with estimates, representing a 22% increase year-over-year. The company reported adjusted earnings of $5.58 per share, which beat the estimate of $5.26 per share.
Comparable restaurant sales increased 15.2% year-over-year and digital sales jumped 3.8% and accounted for 41.6% of sales.
"Moving forward, we believe expanding access and convenience through our digital ecosystem, accelerating unit growth, and continuing to develop and support our restaurant employees, will put us in a much stronger competitive position," said Brian Niccol, chairman and CEO of Chipotle.
Chipotle said it expects first-quarter comparable restaurant sales growth in the mid to high single digits range. The company expects to open between 235 and 250 new restaurants in 2022.
Analyst Assessment: Multiple analysts adjusted price targets following Chipotle's financial results:
- Cowen & Co. analyst Andrew Charles maintained Chipotle with an Outperform rating and lowered the price target from $2,250 to $1,950.
- Barclays analyst Jeffrey Bernstein maintained Chipotle with an Equal-Weight rating and lowered the price target from $1,845 to $1,630.
- Deutsche Bank maintained Chipotle with a Hold rating and lowered the price target from $1,747 to $1,696.
See Also: 21 Stocks Moving in Wednesday's Pre-Market Session
CMG Price Action: Chipotle has traded as low as $1,256 and as high as $1,958 over a 52-week period.
The stock was up 6.14% at $1,550 Wednesday morning.
Photo: courtesy of Chipotle.
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