Stephens raised the firm’s price target on Chipotle to $2,000 from $1,970 and keeps an Overweight rating on the shares after the company reported "strong" Q1 results, including a top-line beat on positive traffic which flowed through to better-than-expected adjusted earnings per share. The firm believes Chipotle is positioned for continued growth as digital usage increases, development of higher volume and margin Chipotlanes continues, and brand awareness builds, the analyst tells investors.
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