Stifel analyst Chris O’Cull raised the firm’s price target on Chipotle to $2,560 from $2,450 and keeps a Buy rating on the shares ahead of the company’s upcoming quarterly results. The firm expects solid Q4 performance from the company, as it projects comps will be up roughly 7%, the analyst tells investors. Mobile location data suggests visitation growth remained consistent during each month and the pricing actions taken mid-October suggest there could be upside to its estimates, the firm adds. While the current valuation leaves “little room for error,” the firm remains confident in the company’s top-line momentum.
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