Cowen analyst Andrew Charles said Chipotle margins have seen headwinds from industry commodity and labor inflation, that has led to the highest level of pricing in 40 years. Chipotle has guided to 27% restaurant margins at $3 million sales volumes, which both we and consensus forecast will be achieved in 2024. Cowen maintains its Outperform rating and $2040 price target on Chipotle shares.
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