Are Analysts Bullish Or Bearish?
Among the many fast-food restaurant businesses in the United States, Chipotle Mexican Grill, Inc. (NYSE:CMG) has been one of the fast-growing. There is a lot of anticipation in the markets with regards to its upcoming Q3 2019 financial results.
The company is going to announce its results on Tuesday afternoon. One analyst has stated that there is a possibility of the Chipotle shares hitting the magical $1000 mark after the results. Bill Baruch, who is the president as well as the founder of Blue Line Futures, stated that the stock is one the verge of breaching a key technical level.
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Which Analysts Are Bullish?
According to his technical analysis, the stock could hit the $1000 mark post the results. Chipotle’s stock price hit a record high after the company’s smashing results in Q2 2019. If the performance in the third quarter is impressive then the stock could well go on a rally once again.
“Chipotle’s been on a tear here for the last couple year. We’ve been consolidating very very well out above those 2015 highs [of $] 750, 760 area. As long as that holds, I’m buying dips in Chipotle, and I think we could see a move to about $940 to 1,000 on the next leg higher.”
Baruch said while speaking to CNBC
Such a rise will be a remarkable one from the current levels if that happens. On Friday, CMG stock price closed at $841.48. If it managed to hit $1000 then it would reflect a rise of as much as 19%. On the other hand, the stock received another endorsement on Friday. This came after an analyst at Bank of America upgraded and classified the stock as ‘neutral’.
It is a claim that might seem a bit over the top but it would be worthwhile to keep an eye out for the company’s results on Tuesday.
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