Wells Fargo analyst Zachary Fadem raised the firm’s price target on Chipotle to $1,900 from $1,800 and keeps an Overweight rating on the shares. While Q4 had a few holes to poke, much of the shortfall appears transitory and Q1 is off to a much better start, the firm says. Considering Chipotle’s strong secular growth, improving 2023 setup, and risk-on market positioning, Wells would be a buyer on weakness.
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