Chipotle price target raised to $1,940 from $1,875 at Oppenheimer

Oppenheimer raised the firm’s price target on Chipotle to $1,940 from $1,875 and keeps an Outperform rating on the shares. Chipotle has been a top restaurant outperformer in 2023, and despite improving sentiment, the firm remains attracted to its risk/reward following Oppenheimer’s updated analysis into Q1 2023 earnings. The firm models a Q1 EPS beat and identifies a compelling path for earnings upside versus consensus through 2024. Importantly, Oppenheimer believes traffic trends have flipped positive and contain powerful accelerators as 2023 unfolds via improving throughput and a beneficial comparison ease.