Chipotle price target raised to $3,358 from $3,016 at Citi

Citi raised the firm’s price target on Chipotle to $3,358 from $3,016 and keeps a Buy rating on the shares. The firm said in a research note on Friday that it expects a top-line beat and encouraging commentary regarding momentum through the quarter, which, combined with a ramping benefit from thruput initiatives as Chipotle moves into its busier season, positive LTO commentary, and continued confidence in digital initiatives biasing same-store sales revisions upward. Citi would be surprised “if we emerge from the quarter with any real holes to poke in the story”/anything that drives long-term investors away from the name, and a clear path for same-store sales drivers, high-single-digit unit growth, and a 20%-plus EPS algo should continue to justify a marginal multiple premium vs history.