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Chipotle could surge 14% in 2021 as continued menu innovation and higher delivery prices sustain growth, Wedbush says (CMG)

Published by Business Insider on Mon, 11 Jan 2021

<p><img src="https://static6.businessinsider.com/image/5ffc9418d184b30018aae196-2400/IMG_3787.jpg" border="0" alt="Chipotlane" data-mce-source="Mary Meisenzahl/Insider" data-mce-caption="Chipotlane."></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><ul><li aria-level="1"><strong>Chipotle stock could surge 14% in 2021 as the fast-casual Mexican food chain continues to grow during the pandemic, said a team of Wedbush analysts on Monday.&nbsp;</strong></li><li aria-level="1"><strong>Drivers of growth include traction in digital and delivery sales and continued menu innovation, including the introduction of cauliflower rice and lifestyle bowls, said the analysts.&nbsp;</strong></li><li aria-level="1"><strong>Shares of Chipotle have gained 65% over the last twelve months. The food chain climbed 1.3% on Monday.</strong></li><li aria-level="1"><strong style="color: #222222;"><a href="https://markets.businessinsider.com/stocks/cmg-stock">Watch Chipotle trade live here</a>.&nbsp;</strong></li></ul><hr><p><a href="https://markets.businessinsider.com/stocks/cmg-stock">Chipotle</a> is poised to accelerate in 2021, said a team of Wedbush analysts led by Nick Setyan in a note on Monday. <br><br>The analysts see the stock hitting $1,600 in 12 months, a 14% upside from current levels. They also hold an "outperform" rating for Chipotle. Shares of the fast-casual mexican chain gained as much as 1.3% on Monday. The stock is up 65% over the last twelve months.&nbsp;&nbsp;</p><p>Wedbush expects further growth for the company to come from growth in digital sales and delivery, especially as consumers order online to avoid in-store interactions during the pandemic. The analysts increased same store sales growth estimates for the fourth quarter of 2020 because of continued strength in digital and delivery sales.&nbsp;</p><p><strong><em>Read more:</em></strong><a href="https://www.businessinsider.com/stock-picks-to-buy-strongest-sales-growth-2021-goldman-sachs-2021-1" data-analytics-position="2" data-analytics-module=""><em>Goldman Sachs says to buy these 29 stocks poised to deliver the strongest sales growth through year-end</em></a></p><p>"Drivers of SSS growth remain traction in digital/delivery, continued menu innovation (quesadillas, cauliflower rice, lifestyle bowls), the potential benefits of growing loyalty membership, higher prices for delivery, higher marketing spend, and market share opportunities," the analysts said.&nbsp;</p><p>They added that <a href="https://www.businessinsider.com/chipotle-adding-cauliflower-rice-to-menu-for-extra-2-2021-1">Chipotle's new cauliflower rice bowl</a> feature has been&nbsp; a "hit" and there's been no observed consumer pushback associated with Chipotle's 2-3% delivery price increase.</p><p>In a sign that the restaurant is seeing growth even during the pandemic, it <a href="https://newsroom.chipotle.com/2021-01-11-Chipotle-To-Fill-15-000-Jobs-Via-National-Career-Day">announced </a>on Monday it plans to employ 15,000 new team members via its first national hiring event of the year, "Coast to Coast Career Day."</p><p><a href="https://markets.businessinsider.com/news/stocks/chipotle-stock-price-wedbush-delivery-digital-sales-price-target-2021-1-1029956782#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/candy-corn-ingredients-made-of-gelatin-lac-resin-halloween-sugar-syrup-2017-10">What candy corn is actually made of</a></p>
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