Chipotle price target raised to $2,084 from $1,986 at Citi

Citi analyst Jon Tower raised the firm’s price target on Chipotle to $2,084 from $1,986 and keeps a Buy rating on the shares post the Q4 results. The positive quarter-to-date traffic and full Q1 guide of low single digit traffic growth offers evidence to refute the bear thesis that Chipotle took too much price, the analyst tells investors in a research note. The Q4 miss may weigh on shares in the near-term, but with inflationary pressures easing, unit growth accelerating and comp drivers rolling through, investors should take advantage of any weakness, Citi contends.