Chipotle Stock: Buy the Dip?
Chipotle Mexican Grill (NYSE: CMG), the renowned fast-casual restaurant chain, has seen its stock take a hit since it released its second-quarter 2023 earnings late last month. The stock has pulled back nearly 12% since the report. Is this a buying opportunity, or should investors hope for an even better price before taking the plunge and buying shares of this enduring company?
Interestingly, the fast-casual burrito chain's second-quarter earnings actually surpassed analysts' consensus forecast for the quarter. So what is going on with the stock? Let's take a look at the earnings report and, more importantly, assess whether or not shares are a buy today now that the stock has come down meaningfully.
Chipotle's adjusted earnings per share for Q2 impressively rose 36% year over year to $12.65. This beat analysts' average estimate for $12.31. This positive performance is attributed to various factors, including improved restaurant-level operating margin expansion, menu innovation, price increases, and good execution on the company's digital strategies.
Source Fool.com
Chipotle Mexican Grill Inc. Stock
The stock is one of the favorites of our community with 69 Buy predictions and 1 Sell predictions.
With a target price of 51 € there is a hugely positive potential of 52.53% for Chipotle Mexican Grill Inc. compared to the current price of 33.44 €.
