Chipotle Mexican Grill (CMG) - Get Chipotle Mexican Grill, Inc. Report was rising in premarket trading Tuesday after analysts at SunTrust raised their price target on the stock to $900 from $815 and maintained their buy rating on the stock.
The price target represents a potential 9% upside from the stock's closing price Monday of $826.80.
SunTrust analyst Jake Bartlett said he believes that the national rollout of the Mexican fast food chain's carne asada dish in mid-September will be a catalyst for ticket and traffic growth.
Bartlett also noted that the company's management referenced "terrific customer feedback" for the dish during its limited trial run during Chipotle's previous earnings call.
The firm also raised its same-store sales estimates for fiscal 2019 and fiscal 2020 to 9.2% and 7%, from 8.7% and 6.5%, respectively.
The stock rose 1.55% to $839.59 in trading Monday. Year to date, the stock has risen 95%.
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