Below is a brief note from CEO Keith McCullough on why we're adding Chipotle (CMG) to the long side of Investing Ideas today:
The Old Wall is often the bearer of many gifts. They'll often downgrade stocks we like and upgrade and/or support the ones we do not like (see TSLA for details).
This morning they're downgrading Chipotle (CMG) with a trivial change to their almighty "price target."
After being an accurate bear on CMG for years, Howard Penney is saying buy the damn dips:
"We are buyers of CMG on weakness driven by this news as we believe Brian Niccol is in the early innings of one of the greatest turnarounds you will see in the restaurant space."
We love buying things on sale. Chasing charts on green, not so much.