Chipotle’s (NYSE:CMG) Number of Restaurants has increased from around 2,580 in 2019 to 2,768 in 2020. Trefis expects the metric to rise to around 3,000 in 2021 and to about 3,200 in 2022.
Chipotle has steadily opened out more restaurants driven by higher demand for its food and its positioning as one of the healthier quick-serve restaurants.
We think the projected growth in Chipotle stores and revenues is largely priced into the stock. We value Chipotle at around $1,800 per share, roughly in line with the market price.
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