Traders chow down on Chipotle ahead of earnings

Chipotle earnings: Hot or not?

Chipotle is set to report earnings after Tuesday's close. And according to one technical analyst, the resulting stock move could be quite tasty for the bulls.

"I'm a buyer of CMG," said Todd Gordon of TradingAnalysis.com, referring to the stock by its ticker symbol. "I think it's an attractive-looking stock here."

Referring to the chart, Gordon says there's a resistance level at about $690 that is "kind of itching to be broke."

After earnings, "I think we can go ahead, break that resistance, close the gap from the last earnings move down, and continue to move higher in that uptrend channel," Gordon said.

Taking a macro tact, Oppenheimer head of portfolio strategy Andrew Burkly said that the fast casual restaurant space is "one bright spot… where we've seen consumer numbers that have been pretty strong. So we would expect to see good results from that segment."

And Chipotle could be in the sweet spot even within that segment.

Cowen recently initiated coverage of Chipotle with an "Outperform" rating and a price target of $775 (nearly $90 higher than its Monday closing price) explaining that "consumers are becoming increasingly knowledgeable and interested in food composition at restaurants…. CMG should be among the top restaurant beneficiaries of consumers seeking fresher food given its 'food with integrity' positioning."

The options market is pricing in a 9 percent earnings-related move for the stock, versus a median move of 10 percent over the past eight quarters, according to a Wednesday report from the Goldman Sachs options research team.

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