Citi analyst Jon Tower raised the firm’s price target on Chipotle Mexican Grill to $2,240 from $2,140 and keeps a Buy rating on the shares. The company’s Q1 results and 2023 outlook support the case that the Q4 comp miss was likely an aberration rather than consumer pushback on elevated pricing levels, the analyst tells investors in a research note. The firm says the growth seen across all income cohorts at Chipotle in Q1 when many concepts are seeing leakage at the lower income levels suggests there’s room for the brand to accelerate share gains if consumers begin to tighten-up on spend in the category. Citi expects continued outperformance of the shares.
Published first on TheFly
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