Chipotle price target raised to $3,340 from $3,300 at Raymond James

Raymond James raised the firm’s price target on Chipotle to $3,340 from $3,300 and keeps an Outperform rating on the shares. Chipotle’s Q1 “impressive” results reflected better than expected comps and store margins, the analyst tells investors in a research note. The company is driving powerful traffic share gains and Raymond James sees tangible comp drivers supporting management’s raised 2024 comp guidance.