Chipotle price target raised to $2,450 from $2,100 at Stifel

Stifel analyst Chris O’Cull raised the firm’s price target on Chipotle to $2,450 from $2,100 and keeps a Buy rating on the shares. Without the cover of grocery store price increases, the firm believes it will become increasingly difficult for restaurants to raise prices without sacrificing traffic, so it recommends investors seek restaurants with identifiable traffic drivers and tends to favor high-growth restaurant companies with attractive unit economics, the analyst tells investors in a 2024 outlook note for the Americas restaurants group.