Everyone loves a good comeback story.
And there’s good reason to believe that one may be currently underway at Chipotle (CMG)—thanks to new company leadership.
After being embroiled in scandal from food issues at multiple locations across the country, former Taco Bell CEO Brian Niccol has taken the reins of the fast-casual burrito chain. Since the announcement, CMG’s stock has finally pulled out of its floundering tailspin.
You may recall Hedgeye restaurants analyst Howard Penney was one of the most vocal (and successful) bears on Chipotle.
Penney had been beating the drum for new leadership at Chipotle, and has since gone bullish on the stock since the leadership transition talk began.
“On [the new Chipotle CEO] to-do list is to ‘right-size’ the company, strengthen the digital capabilities and focus on the food quality, safety and innovation,” Penney says in the clip above.
Watch the clip above for more on our Chipotle call.