What's Going On With Chipotle Mexican Grill Stock Wednesday?

Chipotle Mexican Grill Inc CMG shares are in the spotlight Wednesday ahead of earnings after the bell. Here’s what you need to know.

What To Know: Chipotle is due to report financial results for the second quarter after the market close on Wednesday. Analysts expect the fast-casual restaurant chain company to report earnings of 32 cents per share and revenue of $2.939 billion, according to estimates from Benzinga Pro.

Last quarter, Chipotle beat analyst estimates on the top and bottom lines as revenue jumped 14.1% year-over-year to $2.702 billion. Adjusted earnings of $13.37 per share came in ahead of analyst estimates of $11.68 per share. 

Comparable restaurant sales increased 7% year-over-year due to higher transactions and a 1.6% increase in average check and digital sales represented 36.5% of food and beverage revenue.

Chipotle continues to expect full-year 2024 comparable restaurant sales growth in the mid- to high-single-digit range.

Chipotle has met or exceeded analyst estimates on the top and bottom lines in three consecutive quarters heading into Wednesday’s print, per data from Benzinga Pro.

Check This Out: Should You Bet on Chipotle Stock Ahead of Q2 Earnings?

Guggenheim analyst Gregory Francfort maintained Chipotle with a Neutral rating on Wednesday and raised the price target from $54.50 to $55. Here’s a look at other recent analyst changes leading up to earnings:

• Barclays analyst Jeffrey Bernstein maintained Chipotle with an Equal-Weight rating and adjusted the price target to $58.

• Piper Sandler analyst Brian Mullan maintained Chipotle with a Neutral and loweeds the price target from $61.40 to $60.

• Citigroup analyst Jon Tower maintained Chipotle with a Buy and raised the price target from $67.38 to $71.

• Stephens & Co. analyst Jim Salera reiterated Chipotle with an Equal-Weight rating.

CMG Price Action: Chipotle shares were down 1.28% at $51.88 at the time of publication, according to Benzinga Pro.

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Photo: courtesy of Chipotle.