Chipotle

Credit Suisse initiated coverage of Chipotle Mexican Grill (CMG - Get Report)  Tuesday with an outperform recommendation and price target of $870.

Shares of the Newport Beach, Calif., restaurant chain closed $9.09, or 1.3%, higher at $733.22.

Meanwhile, Hartford Growth Opportunities HLS Fund reduced its holdings in Chipotle and six other unrelated stocks. The fund cut its Chipotle holding to 18,006 shares, valued at $11.9 million, from 24,189 shares. 

Chipotle staff on Tuesday received some good news: a new bonus program featuring up to one extra month of pay each year. The new program gives part-time hourly employees a chance to earn quarterly bonuses in addition to a comprehensive benefits
package.

To qualify for the quarterly bonus program, restaurant teams must meet certain criteria, such as sales as well as cash-flow and throughput goals.

The bonus program "provides a strategic investment in the people who make up the brand," Marissa Andrada, chief people officer of Chipotle, said in a statement.

The consensus price target on the stock is $688.52, according to Bloomberg. Analysts have 10 buy, 15 hold and seven sell ratings on Chipotle stock, according to Bloomberg.


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