We don’t know if Jim Cramer likes to eat at Chipotle Mexican Grill (NYSE:CMG), but we do know that he likes CMG stock. The popular market commentator recently made it clear that he is bullish on the chain restaurant stock. In a segment on his CNBC show, Cramer praised a take on CMG issued by Oppenheimer. He later added it to his written list of stocks he’s watching, in which he noted, “price target cut to $2,225 per share from $2,300 at Oppenheimer. Great price move.”
Cramer’s market watchlist also includes fellow food stocks Domino’s Pizza (NYSE:DPZ) and McCormick & Company (NYSE:MKC). But Chipotle is currently on a dip for the month and that could represent a key buying opportunity before it rebounds again. Cramer certainly seems optimistic about the sector leader’s growth prospects.
What’s Happening With CMG Stock
It’s been a good day for CMG stock and an even better week. Recent growth has been slow but steady. For a company like Chipotle, which currently trades at about $1,860 per share, that’s not bad at all.
Chipotle’s progress certainly seems fine from Cramer’s perspective. He praised its strong fundamentals and its operational strategy of owning restaurants outright as opposed to franchising. As CNBC reports on Oppenheimer’s take:
“The analysts did cut Chipotle’s price target to $2,225 per share from $2,300. But that’s still more than 20% higher than Tuesday’s close. Oppenheimer kept its outperform, buy-equivalent rating on that stock.”
Cramer isn’t the only expert who sees growth in the company’s future. InvestorPlace contributor Larry Ramer recently predicted that the company will see impressive growth in the year’s final quarter as macroeconomic conditions continue shifting in its favor.
Most of Wall Street is bullish on CMG stock as well. The company currently holds a “moderate buy consensus” on TipRanks with 16 out of 22 analysts rating it as a “buy.” Even the lowest price target of $1,925 is higher than the stock’s current price. Cramer’s opinion that the company is destined for growth is a popular one right now.
On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
