PREVIEW: Chipotle dips ahead report due after the bell
** Shares of Chipotle Mexican Grill Inc CMG.N down 1.8% on Wed ahead of its qtrly report after the bell, with analysts expecting strong demand for its burritos
** In its previous report in April, CMG raised its full-year sales forecast on the back of resilient demand despite higher menu prices. It said it expects comparable restaurant sales growth of mid-to-high-single digit percentage for 2024, versus its previous projection of mid-single digit growth
** Analysts on avg expect qtrly rev up 16.8% to $2.94 bln, per LSEG. Analysts see adjusted EPS of $0.32 vs $0.25 yr-ago
** Wedbush analysts, who rate CMG "neutral', wrote in a note last week: "We view Q2 SSS growth expectations as realistic but remain cautious regarding slowing transaction trends beyond Q2"
** CMG up 13% YTD vs S&P 500's .SPX 14% increase
** At current price, co is trading at ~42x expected earnings, below its five-yr avg of 50x
Reporting by Noel Randewich
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