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MarketWatch MarketPulseJan 27, 2020
Chipotle upgraded as analysts think think 'strong' earnings will persist for years
Chipotle Mexican Grill Inc. was upgraded to neutral from sell at UBS on analyst forecasts that the company will report "strong" earnings and sales over the next two years. UBS' price target leaped to $900 from $690. Chipotle has an average price target of $890.52, according to 35 analysts polled by FactSet. "Results significantly exceeded our expectations in recent quarters as we underestimated customer demand and the strength of a traffic recovery, including benefits from digital and delivery," UBS wrote. "And our more recent concerns around valuation were misguided given the strength and sustainability of results and scarcity of idiosyncratic sector growth opportunities." UBS said they didn't move the stock to buy because that would require "sizable" earnings beats. Chipotle was upgraded at Oppenheimer just a couple of weeks ago. And SunTrust Robinson Humphrey analysts say they're confident that Chipotle's menu innovation will give 2020 a boost. Chipotle stock is down 1.1% in Monday premarket trading but up 60% over the last year. The S&P 500 index has gained 23.7% for the past 12 months.

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