Warren Buffett Watch: Why the Oracle of Omaha Would Love This Top Restaurant Stock
Chipotle Mexican Grill (NYSE: CMG) just reported its 2023 third quarter (for the period ended Sept. 30), posting revenue of $2.5 billion (up 11.3% year over year) and diluted earnings per share of $11.32 (up 23%). These numbers were well received by Wall Street, as shares were up about 5% since the announcement (as of Oct. 27).
Chipotle's headline figures were certainly impressive once again. However, if we dig a bit deeper, we'll see that there was one key factor that helped drive the results. This would make even Warren Buffett appreciate this top restaurant stock.
The management team, led by CEO Brian Niccol, mentioned an important component that helped the business during the last three-month period. Chipotle's menu prices, on average, were up about 2.8% versus the year-ago period. This was due to the fact that the company decided to increase its prices in August of this year, which was the first time such a thing happened since June 2021.
Source Fool.com
Chipotle Mexican Grill Inc. Stock
The stock is one of the favorites of our community with 70 Buy predictions and 1 Sell predictions.
With a target price of 2478 € there is potential for a 5300.46% increase which would mean more than doubling the current price of 45.89 € for Chipotle Mexican Grill Inc..
