NEW YORK (TheStreet) -- Citigroup raised its price target on shares of Chipotle Mexican Grill (CMG) from $648 to $793, according to TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio.
On CNBC's "Cramer's Mad Dash," he explained that the company's 17% comparable-store sales is "remarkable," and the stock deserves the highest valuation in its industry.
"If you like Chipotle," Cramer said, play Chipotle by being long the stock. Don't look for substitutes.Cramer suggested investors use caution when jumping into a stock like El Pollo Loco (LOCO), even though it has acted well since its IPO last week. However, the stock's not necessarily cheaper than Chipotle, based on valuation, Cramer concluded. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell Read More: El Pollo Loco Stock Surges 60% on IPO, but Is It a Buy?
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