Truist raised the firm’s price target on Chipotle to $2,280 from $2,230 and keeps a Buy rating on the shares as part of a broader research note on Restaurants. The firm’s Truist Card Data findings suggest in-line sales on average in Q3, the analyst tells investors in a research note. Truist adds that the company’s launch of Carne Asada on September 13th is not captured in the data, which may drive a stronger than expected end to the quarter given the historical success of the offering in FY19 and FY20 as well as the underwhelming demand for the Garlic Guajillo offering last year, which was priced at an “outsized premium”.
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