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After A Positive Earnings Report, Can Chipotle Hit $800?

Published 07/24/2019, 12:08 AM
Updated 07/09/2023, 06:31 AM

Chipotle Mexican Grill (NYSE:CMG) is trading at new all-time highs after beating earnings estimates. Some of the numbers that stand out:

  • 10% same-store growth vs 8.4% estimates
  • 99% increase in digital sales, which now account for 18% of all sales
  • 39% earnings growth
  • 13% revenue growth
  • 20.9% operating margin
  • 150 new restaurant openings are expected
  • Authorized $100 share buyback
  • Labor cost fell 130bps to 25.7% of sales

CMG Chart

6.2% of CMG’s float is short which represent about 3.5 days to cover. There is a potential for a short squeeze tomorrow. CMG traded between 763 and 770 in the after-hours session. If we see a breakout above 770 near the open, there might be a run to $800. The previous all-time highs near 760 should act as potential support.

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