Chipotle price target raised to $2,800 from $2,330 at Stephens

Stephens raised the firm’s price target on Chipotle Mexican Grill to $2,800 from $2,330 and keeps an Overweight rating on the shares. The firm’s latest channel checks suggest Chipotle’s same-store sales trends through November are relatively steady in the up mid-single-digit range with traffic that appears to have strengthened further through December as comparisons ease, the analyst tells investors in a research note. Stephens says its field conversations highlighted continued strength from the company’s carne asada promotion, growing engagement within the digital channel, and continued progress at the store-level from the perspective of operations and optimizing throughput at peak periods. It increased its Q4 domestic same-store sales estimate to up 7.5%.