Chipotle price target raised to $3,300 from $2,825 at Oppenheimer

Oppenheimer raised the firm’s price target on Chipotle to $3,300 from $2,825 and keeps an Outperform rating on the shares. The firm notes Chipotle’s Q1 2024 beats across same-store sales, margins and EPS are impressive and are likely to stand out this reporting season. Traffic trends into Q2 remain impressive at mid-single-digits despite a challenging industry environment, and management raised its 2024 same-store sales outlook to mid-to-high-single-digit from mid-single-digit.