NEW YORK (TheStreet) -- Citigroup raised its price target on shares of Chipotle Mexican Grill (CMG) - Get Report 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.
However, the stock's not necessarily cheaper than Chipotle, based on valuation, Cramer concluded.
-- Written by Bret Kenwell in Petoskey, Mich.
At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.