Chipotle price target raised to $2,050 from $1,900 at Wells Fargo

Wells Fargo analyst Zachary Fadem raised the firm’s price target on Chipotle to $2,050 from $1,900 and keeps an Overweight rating on the shares following quarterly results. While Chipotle comps of +10.9% matched expectations, the firm expects Q1’s clean margin beat and mid to high single digit Q2/2023 guide to be well-received. All in, Wells struggles to find holes to poke, its second half of the year model appears flexible, and thus its estimates/price target are grinding higher.