news

This restaurant stock is ‘going back over $2,000,' according to Jim Cramer

Joe Raedle | Getty Images

The turnaround in Chipotle Mexican Grill's (CMG) stock price has further runway ahead, CNBC's Jim Cramer said Tuesday.

Chipotle stock "is going back over $2,000 [per share], and it's going to do it in a heartbeat," Cramer said. It's been over a month since Chipotle closed at above that level. But since its recent low on Aug. 10, the stock has climbed more than 5%, including Tuesday's roughly 0.5% intraday gain, to around $1,948 per share.

Cramer added that a $2,400-per-share price target issued Monday by Baird is "not a problem" for Chipotle. The U.S. fast-food chain notched an all-time closing high of about $2,153 per share on July 18.

Baird reiterated Chipotle as a top idea for investors over the next 12 months, noting the company could implement further price hikes to help its margins next year.

If you like this story, sign up for Jim Cramer's Top 10 Morning Thoughts on the Market email newsletter for free.

Cramer said he remains a believer in Chipotle's investment prospects, designating the company a "senior growth stock" alongside the likes of apparel maker Lululemon (LULU) and database software firm MongoDB (MDB).

In the restaurant space, Cramer's Investing Club owns shares of Starbucks (SBUX).

Here's a full list of the stocks in Jim Cramer's Charitable Trust, the portfolio used by the CNBC Investing Club.

Copyright CNBC
Contact Us