Up 84% is Cramer still bullish Chipotle?

Chipotle CFO: Considering menu price increase next year

(Click for video linked to a searchable transcript of this Mad Money segment)

Cramer has liked Chipotle for quite some time. But what does he think at these levels?

A gain of 84% year to date is nothing short of spectacular.

Cramer said, it's only prudent to ask yourself, "How long can Chipotle keep up this magnificent run?"

The question is particularly relevant because shares have already tanked, once.

"In April of last year, Chipotle got hit and hit hard, with the stock ultimately falling from highs near $450 down to lows in the $230s," Cramer explained.

And the decline was simply because sales increased at a slower than expected rate – nonetheless, sales still increased.

Scott Eells | Bloomberg | Getty Images

Because anything that calls growth into question could take down this stock, Cramer believes now is a good time to revisit fundamentals.

Fortunately for bulls, Cramer likes what he sees.

"The last time Chipotle reported, a little less than a month ago, even though the company missed Wall Street's earnings estimates, it posted better than expected revenues, up 18% year over year, along with a terrific 6.2% increase in same store sales that left the estimates in the dust," Cramer said.

That's growth. Plain and simple.

And as long as the company shows increasing growth, Cramer thinks the stock should advance., too

However, in the near-term he sees another bullish catalyst.

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Because Chipotle has already gained 84% year to date, he believes that pros will buy this stock for the sake of window dressing.

At a minimum, "I think hedge funds and mutual funds who are chasing performance could keep buying this one on any weakness right through the end of the year," he said.

With momentum and window dressing generating tailwinds, Cramer thinks Chipotle bulls will enjoy smooth sailing, for at least a while more.

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