Maxim Group Sticks to Its Buy Rating for Chipotle

By Carrie Williams

In a report released today, Stephen Anderson from Maxim Group maintained a Buy rating on Chipotle (NYSE: CMG), with a price target of $410. The company’s shares opened today at $327.39.

Anderson observed:

“We maintain our Buy rating and $410 price target on Chipotle Mexican Grill (CMG) following news that the company’s chief marketing officer, Mark Crumpacker, is exiting the company effective today. We regard today’s news as a sign that new CEO Brian Niccol is moving quickly to take action and make his presence known.”

According to, Anderson is a 5-star analyst with an average return of 9.8% and a 69.2% success rate. Anderson covers the Services sector, focusing on stocks such as Dave & Busters Entertainment, Good Times Restaurants Inc, and Popeyes Louisiana Kitchen.

Currently, the analyst consensus on Chipotle is Hold and the average price target is $314.05, representing a -4.1% downside.

In a report issued on February 27, Robert W. Baird also upgraded the stock to Buy with a $400 price target.

Based on Chipotle’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $1.11 billion and quarterly net profit of $43.79 million. In comparison, last year the company earned revenue of $1.03 billion and had a net profit of $15.98 million.

Based on the recent corporate insider activity of 18 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CMG in relation to earlier this year.

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Chipotle Mexican Grill, Inc. engages in the development and operation of fast-casual, fresh Mexican food restaurants throughout the U.S. It offers focused menu of burritos, tacos, burrito bowls, and salads, prepared using classic cooking methods. The company was founded by Steve Ells in 1993 and is headquartered in Denver, CO.