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Chipotle Mexican Grill, Inc. Price Target Raised To $740 By Wedbush

Chipotle Mexican Grill, Inc. (NYSE:CMG) shares slipped today despite a significant price increase from analysts at Wedbush. As of this writing, the stock was down 3.81% at $692.55 per share. They remain Neutral-rated on the fast casual chain despite their price target increase.

Chipotle Mexican Grill target to $740

In a report dated Aug. 24, analysts Nick Setyan and Colin Radke said they raised their price target for Chipotle from $620 to $740 per share. They remain Neutral on the stock because they want to see more signs that the company's transaction growth rate is sustainable. Shares plunged last month after a disappointing earnings report.

Their checks do suggest that 10% of comparable base units suggest that the fast casual chain's same store sales growth has reaccelerated so far in the third quarter, possibly surpassing the consensus estimate of 2.5%. The Wedbush team is estimating a...