The security received a price-target hike from UBS
Chipotle Mexican Grill, Inc. (NYSE:CMG) is expanding, with restaurants set to open in Kuwait and the United Arab Emirates in 2024. This comes as the restaurant chain looks to introduce more than 255 new restaurants still this year, with 7,000 of those locations set to open in North America.
CMG was last seen up 1.2% at a brand new record high of $2,152.92, after receiving a price-target hike from UBS to $2,470 from $2,250. More bull notes could be on their way, too, as the 12-month consensus target price of $2,162.72 is a now a discount to the stock's current levels.
The shares are bouncing off their 60-day moving average, which has acted as support since early March, after more than two months consolidating around the $2,050 mark. CMS is today pacing for its third-straight daily win, and now boasts a 63% year-over-year lead.
Bullish bets are already running at double the intraday moving average, with 1,475 calls across the tape so far, compared to 403 puts. Most popular by far is the July 2,150 call.
This denotes a shift in sentiment, per Chipotle Mexican Grill stock's 50-day put/call volume ratio of 1.14 over at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks higher than 94% of readings in its annual range.