Key Takeaways
- Analysts at Oppenheimer on Monday said they would "applaud" the hiring of the Chipotle's interim CEO to the role full-time.
- The analysts price target on the shares represents about a 13% premium to Friday's close and is in line with Wall Street's average.
- Chipotle's stock is up this year, though off 2024 highs.
澳洲幸运5官方开奖结果体彩网: Time to tear off the teꦚmporary tag.
That's the take of the Chipotle Mexican Grill (CMG) analysts at Oppenheimer, who on Monday reiterated an "outperform" rating and a $65 price tag that is about 13% over Friday's close and about in line with the Wall Street average, per Visible Alpha data. The burrito chain in August 澳洲幸运5官方开奖结果体彩网:named COO Scott Boatwright its interim CEO after 澳洲幸运5官方开奖结果体彩网:Brian Niccol departed for Starbucks (SBUX).
"We don't view the CEO change as a meaningful risk-factor with (Chipotle's) deep bench set to execute the company's strategy without interruption," Oppenheimer wrote. "We believe Scott Boatwright is well-positioned to become permanent CEO, a move we would applaud."
Shares of Chipotle, up about 25% in 2024, slipped in the wake of Niccol's move to Starbucks but have since recovered that ground. They were edging upward in recent trading today, holding below year-to-date highs.
Analysts Say Boatwright 'Has Been Instrumental' in Chipotle's Strategy
Boatright "has been instrumental in (Chipotle's) turnaround/growth strategy since 2017," the analysts wrote. "We believe he has internal backing and would keep a highly-incentivized executive bench in place equipped with the tools to sustain (Chipotle's) momentum."
The company is set to report its first round of quarterly results post-Niccol next month, with a release scheduled for after the market's close on Oct. 29. Since Niccol left, Chipotle has continued issuing a stream of announcements reflecting its recent priorities, including 澳洲幸运5官方开奖结果体彩网:kitchen efficiency and promotional menu items.