The turnaround in Chipotle Mexican Grill’s (CMG) stock price has further runway ahead, CNBC’s Jim Cramer said Tuesday.
Chipotle stock"is going back over $2,000 [per share], and it's going to do it in a heartbeat," Cramer said. It's been over a month since Chipotle closed at above that level. But since its recent low on Aug. 10, the stock has climbed more than 5%, including Tuesday's roughly 0.5% intraday gain, to around $1,948 per share.
Cramer added that a $2,400-per-share price target issued Monday by Baird is"not a problem" for Chipotle. The U.S. fast-food chain notched an all-time closing high of about $2,153 per share on July 18. Baird reiterated Chipotle as a top idea for investors over the next 12 months, noting the company could implement further price hikes to help its margins next year.
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