Chipotle Mexican Grill (CMG) - ★★★★ - Ranked #54 in our Q2 2024 Large Cap Equity Rankings
Shares of Chipotle Mexican Grill (NYSE: CMG) hit a new 52-week high of $3,144 during intraday trading on Thursday, eventually closing at $3,111.97. The burrito chain's stock surged nearly 6% after reporting better-than-expected earnings and sales growth for the first quarter.
Chipotle's strong quarterly performance prompted a flurry of price target increases from analysts on Wall Street. The fast-casual restaurant posted Q1 revenue of $2.7 billion, up 14% year-over-year and in line with estimates. More impressively, profit jumped 23% to $359 million, handily exceeding forecasts.
Source: TradingView
The stellar results add to an already impressive run for Chipotle shares, which have now rallied 36% year-to-date and a staggering 62% over the past 12 months. The stock hit a new all-time intraday high during Thursday's session before paring gains slightly into the close.
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