Chipotle price target raised to $3,300 from $3,100 at Deutsche Bank

Deutsche Bank analyst Lauren Silberman raised the firm’s price target on Chipotle to $3,300 from $3,100 and keeps a Buy rating on the shares. The analyst expects Chipotle’s fundamental strength to continue to drive share outperformance. The company’s traffic-driving initiatives and strong pricing power support sustainable mid-single-digit same-store-sales growth, and there is increasing visibility to the path to near 30% restaurant margins, the analyst tells investors in a research note. The firm has high conviction in Chipotle’s near-term and long-term growth outlook and believes a premium multiple is warranted.