Jim Cramer Thinks Chipotle Stock Can Go 'Much Higher'

Chipotle Mexican Grill, Inc. CMG is an amazing stock, Jim Cramer said Thursday on CNBC's "Squawk On The Street."

People don't like the Chipotle stock enough, Cramer noted, and "There's Chipotle and then there's everybody else."

What Happened: Chipotle reported first-quarter earnings-per-share of $5.36 vs. $4.89 expected and revenue of $1.74 billion, which was in line with expectations Wednesday. 

Related Link: Chipotle Announces First Quarter 2021 Results

Chipotle is tremendously efficient when it comes to technology, Cramer said, adding "innovation matters" in terms of the menu.

He compared Chipotle to Apple Inc AAPL saying that the company's products "move the needle." Both companies release new products that impact the earnings forecasts, he added.

Cramer thought the earnings report was outstanding and he thinks the stock goes "much higher" from its current level. 

Price Action: Chipotle was down 1.18% at $1,489.76 Thursday at publication.

(Photo: Chipotle)