Chipotle price target raised to $2,650 from $2,175 at BTIG

BTIG raised the firm’s price target on Chipotle to $2,650 from $2,175 and keeps a Buy rating on the shares. The company’s sales momentum is set to continue into 2024, anchored by an acceleration in development, healthy traffic, and to a lesser extent, menu pricing, the analyst tells investors in a research note. Chipotle is also set to open its 4,000th unit in 2025 and reach a mix of almost 33% Chipotlane units, the firm adds, stating that the Chipotle development remains an underappreciated aspect of the story as these units operate with higher sales volumes and margins than traditional units.