Chipotle Mexican Grill Inc.’s efforts to build its digital and delivery business will pay off well into the future, analysts say.
is scheduled to report third-quarter earnings on Wednesday after the closing bell.
Chipotle has talked about its digital efforts at length in previous earnings reports. KeyBanc Capital Markets analysts led by Eric Gonzalez highlight Chipotle’s “rapid digital growth [which] has helped the chain’s digital mix sustain in the high-50% range since early 3Q, compared with a pre-COVID-19 mix in the high-20% range and a peak above 70% in late April.”
KeyBanc rates Chipotle stock overweight and raised its price
target to $1,475 from $1,300 in its most recent note.
“We believe Chipotle’s digital sales are proving to be sticky and new customers are increasingly entering the brand through these channels,” KeyBanc said.
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