Chipotle price target raised to $3,250 from $2,750 at KeyBanc

KeyBanc raised the firm’s price target on Chipotle to $3,250 from $2,750 and keeps an Overweight rating on the shares. Despite the 27% year-to-year run-up in Chipotle stock, the firm believes sentiment on Chipotle remains upbeat relative to the rest of the group. It remains among the few chains with positive traffic growth and ongoing throughput initiatives represent a tailwind going forward, while mix drags from the shift to individual orders should abate over time, KeyBanc adds. Furthermore, Chipotle’s recent price increase in California seems to be slightly above what was expected, suggesting the company’s confidence in its competitive positioning and pricing power.