Chipotle price target raised to $3,070 from $2,442 at Piper Sandler

Piper Sandler analyst Brian Mullan raised the firm’s price target on Chipotle to $3,070 from $2,442 and keeps a Neutral rating on the shares. The firm says Chipotle reported standout results, with same-store sales of +7.0% above both consensus of +5.1% as well as Piper’s sense of investor expectations, and with RLMs of 27.5% — which were +140 bps as compared to consensus. In particular, the firm thinks the results were punctuated by transaction growth of +5.4%, which is just so far in excess of what the industry is doing, that it has to “just pause and tip our caps to management.”