Why BofA Is Raising Price Targets For Chipotle, Starbucks
Why BofA Is Raising Price Targets For Chipotle, Starbucks
The restaurant sector is getting increased attention Monday after BofA Securities boosted its price targets on two of the more closely followed stocks: casual fast food chain Chipotle Mexican Grill, Inc. (NYSE:CMG) and coffee chain Starbucks Corporation (NASDAQ:SBUX)
The Chipotle, Starbucks Analyst: Gregory Francfort maintained a Neutral rating on Chipotle Mexican Grill with a price target lifted from $1,200 to $1,325.
The Chipotle，星巴克分析師：格雷戈裏·弗蘭克福特(Gregory Francfort)對Chipotle墨西哥燒烤保持中性評級，目標價從1,200美元上調至1,325美元。
The analyst also maintained a Neutral rating on Starbucks with a price target lifted from $82 to $88.
這位分析師還維持了星巴克的中性評級，目標價從82美元上調至88美元。
Chipotle: 'Surprising' Performer: Chipotle outperformed initial expectations during the COVID-19 pandemic, as the company has minimal drive-through exposure, Francfort said in a note.
Chipotle：令人驚訝的表演者：弗蘭克福特在一份報告中表示，Chipotle在新冠肺炎大流行期間的表現超出了最初的預期，因為該公司的免下車風險敞口最小。
Instead, the restaurant chain showed better-than-expected comps in recent quarters, the analyst said. Chipotle will emerge from the pandemic with a better market share position, he said.
這位分析師説，相反，這家連鎖餐廳最近幾個季度的業績好於預期。他説，Chipotle將從大流行中脱穎而出，擁有更好的市場份額地位。
Chipotle will also be in a position to acquire real estate assets from the estimated 30,000 to 80,000 restaurants that are expected to permanently close due to the pandemic, Francfort said.
弗蘭克福特説，Chipotle還將能夠從預計將因疫情永久關閉的3萬至8萬家餐廳收購房地產資產。
Beyond the near-term, Chipotle is expected to move above the $2.5-million average unit volume milestone in 2022, with a restaurant-level margin of 22.5%, the analyst said.
這位分析師説，短期內，Chipotle預計將在2022年突破250萬美元的平均單位成交量里程碑，餐廳級利潤率將達到22.5%。
Over the longer-term, Chipotle is projected to oversee 5,000 stores with a $3.5-million AUV, 25% to 26% restaurant margins and a low 4% G&A rate, he said.
他説，從長遠來看，Chipotle預計將管理5,000家門店，擁有350萬美元的AUV，餐廳利潤率為25%至26%，G&A税率較低，為4%。
Despite a favorable outlook, Chipotle's stock is trading at 59 times 2021 estimated EPS, and it is "difficult to make a compelling bull case" at these levels, according to BofA.
儘管前景看好，但Chipotle的股價是2021年估計每股收益的59倍，根據美國銀行的説法，在這樣的水平上很難提出令人信服的看漲理由。
Improving Trends At Starbucks: Starbucks management said during a recent virtual sell-side conference that U.S. comps improved from negative 19% and negative 14% in June and July, respectively, to down 11% in August, Francfort said in a note.
星巴克的改善趨勢：弗蘭克福特在一份報告中説，星巴克管理層在最近的一次虛擬賣方會議上説，美國的股價分別從6月和7月的負19%和負14%改善到8月份的下降11%。
Trends similarly improved in China from negative 16% in June and negative 14% in July to down 4% in August, the analyst said.
這位分析師説，中國的趨勢也出現了類似的改善，從6月份的負16%和7月份的負14%降至8月份的4%。
Starbucks also noted customers are becoming more comfortable with in-store ordering and pick-up.
星巴克還指出，顧客在店內點餐和提貨變得越來越自在。
The company should have positive China comps by the end of December and positive U.S. comps by the end of March 2021, he said.
他説，到12月底，該公司在中國的對比應該是正的，到2021年3月底，該公司在美國的對比應該是正的。
Yet this outlook appears to be "a bit on the aggressive side," Francfort said.
然而，弗蘭克福特説，這種前景似乎“有點咄咄逼人”。
Starbucks is scheduled to report full fiscal fourth-quarter sales and earnings along with guidance for the coming quarter on Oct. 29, the analyst said.
這位分析師説，星巴克計劃在10月29日公佈整個第四財季的銷售額和收益，以及下一季度的業績指引。
Any longer-term outlook will likely come weeks later during a scheduled Investor Day presentation on Dec. 9, he said.
他説，任何較長期的前景可能會在幾周後的12月9日投資者日演示中公佈。
"We think Starbucks should benefit as consumers return to offices and normalize breakfast routines but the timing of that return to offices remains unclear."
“我們認為星巴克應該會受益，因為消費者會回到辦公室，恢復正常的早餐習慣，但回到辦公室的時間還不清楚。”
CMG, SBUX Price Action: Shares of Chipotle were trading down slightly at $1,246.13 at last check Monday, while Starbucks shares were up 1.48% at $85.55.
CMG，SBUX價格行動：Chipotle的股價週一小幅下跌至1,246.13美元，星巴克股價上漲1.48%，至85.55美元。
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