Chipotle Mexican Grill (CMG) PT Raised to $550 at Cowen

Cowen analyst Andrew Charles raised the price target on Chipotle Mexican Grill (NYSE: CMG) to $550.00 (from $485.00) while maintaining a Market Perform rating.

Charles commented, "We appreciate the merits of the turnaround that demonstrated upside to top & bottom-line forecasts in 4Q. While visibility is limited, recent margin beats suggests components of 2019 guidance could be conservative, though we remain sidelined on valuation with shares implied to be trading at 38x 2020E P/E, in excess of the tight 34-36x range experienced over the last 7 years."

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