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.
Read More: GM Isn't Alone in the Race to the 200-Mile Electric Car
"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.
Read More: El Pollo Loco Stock Surges 60% on IPO, but Is It a Buy?
