'I think Chipotle can go to a thousand. It is a great stock here,' says CNBC's Jim Cramer.
could soar to $1,000 each, boosted by its tech initiatives, including partnering with third-party delivery services."Squawk Box."
The fast-casual stock has nearly doubled in 2019, gaining about 2.6% on Monday to close at $840.47. While pretty flat Tuesday, the stock was about 2% away from its record high and nearly 20% away from the $1,000 per share level.In the past, Cramer has been bullish on the restaurant chain, saying last month that he suspects Wall Street toChipotle before the end of the year. The company reports third quarter earnings next month.
Since bottoming last year, after two food safety scares, Chipotle has remodeled stores, digitized services, launched a loyalty program, grew its marketing and added food items. "If you want technology, you go after Chipotle," Cramer said. "They have a got a lot of good things in the pipe." Since partnering with DoorDash last year, Chipotle now offers delivery at 95% of its locations. Postmates and Tapingo also deliver Chipotle orders., Chipotle nearly doubled its digital sales, making up nearly 20% of all sales for the quarter.To underscore his point, Cramer contrasted Chipotle with
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