Bernstein analyst Danilo Gargiulo raised the firm’s price target on Chipotle (CMG) to $2,400 from $2,300 and keeps an Outperform rating on the shares. The analyst says 2024 will be the first “normal” year for restaurants since 2019. Chipotle and Restaurant Brands (QSR) are the firm’s top picks for 2024. It expects Chipotle’s topline resilience amid slowing consumer sentiment, margin expansion led by productivity unlocks, and accelerated unit growth in the second half of 2023 will sustain investor interest.
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