Cramer says Chipotle is still a buy even as the stock hits an all-time high

Chipotle restaurant workers fill orders for customers.
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CNBC's Jim Cramer said Monday he believes shares of Chipotle have room to run because the fast-casual restaurant chain is well-positioned to capitalize on the U.S. economy's Covid recovery.

Cramer's comments on "Squawk on the Street" came shortly before the stock hit an intraday all-time high of $1,579.52 early in Monday's trading session. It was up slightly early in the afternoon at $1,541.

"A lot of states in this country are beginning to scrap the social distancing rules. … The winner here will be the company that had great numbers beforehand, making the most money beforehand, and it's Chipotle," Cramer said.

"I think it's still a buy. I've liked these guys since $300, and I'm doubling down right here," the "Mad Money" host added. "I like the price target of $1,800" from Raymond James analysts, who on Monday upgraded Chipotle to outperform from market perform.

Cramer noted one tailwind in particular as the economy reopens.

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