Chipotle price target raised to $3,200 from $2,850 at Wedbush

Wedbush analyst Nick Setyan raised the firm’s price target on Chipotle to $3,200 from $2,850 and keeps a Neutral rating on the shares. The firm cites Q1 EPS above expectations on better-than-expected same-store sales growth and UL margin upside, and 2024 same-store sales growth guidance raised as benefits of throughput initiatives take hold. 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. However, it also believe its current valuation may not allow a potentially slower transaction growth trend-line beyond the second half of 2024.