Why Chipotle Shares Jumped Monday
Shares of Chipotle Mexican Grill (NYSE: CMG), the largest U.S. fast-casual Mexican restaurant chain, jumped more than 5% higher early Monday as the company received a vote of confidence from Wedbush Securities analyst Nick Setyan.
Setyan said channel checks indicated Chipotle's same-store sales were better than expected and that stores operating at 50% capacity were up by high single-digits or low double-digits. Chipotle has also recorded strong off-premise sales trends during the COVID-19 pandemic. Because of those factors, the Wedbush team raised second-quarter same-store sales estimates to a 9% decline, better than the previous 20% decline, and Setyan believes it's possible sales comps could turn positive as soon as the third quarter.
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Source Fool.com
