After the doom and gloom of multiple headcount reduction announcements throughout this month, there finally is a green shoot of hope. Restaurant operator Chipotle Mexican Grill (NYSE:CMG) is looking to fill 15,000 jobs.
The company has launched a new hiring campaign. To ensure full staffing at its restaurants during the burrito season from March to May it is now taking steps to attract 15,000 new employees.
Importantly, the company is aiming to double its presence to 7,000 North American locations and is planning to bring in new talent while also promoting and upskilling its current workforce.
Additionally, chipotle is setting some major benchmarks for other companies. In 2022, it had 22,000 internal promotions and 90% of all restaurant management roles were via the same route. The development seems encouraging after the recent spate of firings at multiple names. This includes Google (GOOGL) laying off 12,000 people, Microsoft (MSFT) reducing its headcount by 10,000, and Amazon (AMZN) saying goodbye to 18,000 employees globally.
Further, the company is slated to announce its fourth quarter numbers on February 7 and analysts are anticipating an EPS of $8.92 for the period. In the year-ago quarter, Chipotle had served an EPS of $5.58, comfortably gliding past expectations of $5.25.
Overall, Wall Street has a consensus price target of $1656.75 on Chipotle, implying a 5.93% upside potential, as indicated by the graphic above. That’s on top of the 11.1% price gain the stock has delivered over the past month.
Read full Disclosure