Chipotle price target raised to $3,200 from $2,900 at Evercore ISI

Evercore ISI raised the firm’s price target on Chipotle to $3,200 from $2,900 and keeps an Outperform rating on the shares. After a weather impaired January and February, the firm had hoped for a mid-quarter acceleration in restaurant industry same-store sales growth, but “trends remained lackluster,” the analyst tells investors in a Q1 preview for the group. The firm estimates fast food industry same-store sales growth of 1.5% in Q1 and a casual dining segment same-store sales decline of 1%, noting that it recently lowered top-line forecasts for much of its coverage because of the sluggish trends lately.