Chipotle price target raised to $2,850 from $2,400 at BMO Capital

BMO Capital analyst Andrew Strelzik raised the firm’s price target on Chipotle to $2,850 from $2,400 and keeps a Market Perform rating on the shares. The company’s Q1 earnings exceeded consensus driven by stronger comps with mid-single-digit traffic growth and restaurant margins, the analyst tells investors in a research note. BMO adds however that Q2 is expected to be peak comp for the year, and it sees margin expansion slowing over the balance of 2024.