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

SourceBusiness Insider
CountryMiddle east

Chipotlane. Mary Meisenzahl/Insider 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. 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. Shares of Chipotle have gained 65% over the last twelve months. The food chain climbed 1.3% on Monday.Watch Chipotle trade live here.  Chipotle is poised to accelerate in 2021, said a team of Wedbush analysts led by Nick Setyan in a note on Monday. 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.   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.  Read more:Goldman Sachs says to buy these 29 more...