Certain burrito enthusiasts may balk at the idea of going without guacamole, but a potential avocado shortage shouldn't affect one of the restaurant world's hottest stocks, CNBC's Jim Cramer said Wednesday.
Last month, Chipotle Mexican Grill told investors the popular restaurant chain could temporarily suspend serving guacamole, plus one or more of its salsas, because of rising food prices attributable to "global climate change." The chain added that such a move had the potential to hurt sales and tarnish its brand, but the alternative would be passing on the cost to its patrons through menu prices.
Cramer, who owns a Mexican restaurant in Brooklyn, said he knows how rising raw ingredient prices have hit his bottom line. Still, it's not a reason to suddenly get bearish on Chipotle, a stock that's seen a 77 percent runup in the past year and reached an all-time high in early trading Wednesday morning. Cramer called it the "monster momentum stock" in the restaurant industry.
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"I'm not that concerned," Cramer said on "Squawk on the Street." "I think they may have to raise prices because of guacamole. I have to tell you, because I own a Mexican restaurant, guacamole hits the income. It hits the bottom line. It's like 17 times tequila."