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

Wedbush raised the firm’s price target on Chipotle to $2,850 from $2,400 and keeps an Outperform rating on the shares. The firm’s Q1 checks point to the company’s same-store-sales growth trending above consensus expectations. However, beyond Q1, Chipotle’s transaction growth largely hinges on improving throughput, the analyst tells investors in a research note. Wedbush continues to believe Chipotle is poised to sustain accelerated market share gains in a post-COVID environment, resulting in sustained growth above pre-COVID levels.