Chipotle (NYSE:CMG) has outperformed the S&P 500 (SPX) over several years. The stock has gained 80% over the past year and has a five-year gain above 300%. Some investors look for up-and-coming stocks that can generate massive gains, while others want the proven winners. Chipotle has the features of a proven winner and the financials to support further expansion. Thus, I am bullish on Chipotle stock and believe it offers solid diversification.
Restaurant Growth Is Accelerating
Chipotle has ambitious goals for restaurant growth and has been growing at a steady clip over the past few years. The company has a long-term goal of operating 7,000 restaurants in North America. This vision represents a significant step up from its 3,437 restaurants at the end of 2023.
Chipotle opened 121 restaurants in the fourth quarter of 2023. This strong push brought the company’s total 2023 restaurant openings to 271. Most of these…
