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Oct. 4, 2021, 10:25 a.m. EDT

Chipotle's smoked brisket will be a hit, says UBS

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By Tonya Garcia

Chipotle's Mexican Grill Inc.'s /zigman2/quotes/200781108/composite CMG +1.60% smoked brisket limited-time offer will be a hit, according to UBS analysts. "We anticipate solid demand for the just launched smoked brisket limited-time offer, which is priced at a 10% premium to steak and we could see a ~high-single digit sales mix based on historical launches and a favorable initial customer response based on our select store checks," analysts wrote. Chipotle announced it would add smoked brisket to the menu last month. "We don't anticipate brisket will last as long as carne asada (went through end of Feb), but should drive incremental visits from existing customers & support new customer trial." Analysts also think workers continued return to office will be a momentum driver, along with new menu items like quesadillas. "Chipotle appears positioned for elevated sales growth over the balance of '21 and long term given continued digital gains, loyalty expansion, new menu items, and a further recovery in dine-in traffic & throughput opportunities." UBS rates Chipotle stock buy and raised its price target to $2,100 from $1,850. Chipotle is scheduled to announce its third-quarter earnings on Oct. 21. Chipotle stock has rallied 30.8% for the year to date while the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.31% is up 15.4% for the period.

/zigman2/quotes/200781108/composite
US : U.S.: NYSE
$ 1,739.21
+27.47 +1.60%
Volume: 206,837
Dec. 8, 2021 4:02p
P/E Ratio
69.82
Dividend Yield
N/A
Market Cap
$48.16 billion
Rev. per Employee
$68,007
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/zigman2/quotes/210599714/realtime
US : S&P US
4,701.21
+14.46 +0.31%
Volume: 2.16B
Dec. 8, 2021 4:59p
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