Investing.com - Incoming CEO Brian Niccol hasn't even started his turnaround plan at Chipotle Mexican Grill (NYSE:CMG), but the company's stock is already in turnaround mode.
Shares are up 30% since the former Taco Bell boss was named to succeed company founder Steve Ells.
A third Wall Street firm has turned positive on the company in anticipation of Niccol's arrival. Baird joined Stifel and Credit Suisse (SIX:CSGN) in raising its stock price target. Baird upped its 12-month
target from $315 to $400 a share and changed its rating from neutral to outperform.
All three firms expect Niccol, who starts on March 5, to reverse Chipotle's declining fortunes, triggered by a series of food safety events and a data breach over the past 2 years.
Chipotle shares were worth more than $740 in January 2015.
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