Chipotle price target raised to $3,369 from $3,358 at Citi

Citi raised the firm’s price target on Chipotle to $3,369 from $3,358 and keeps a Buy rating on the shares post the Q1 report. The analyst finds it “difficult to poke any holes in this story,” particularly as many restaurants struggle to drive traffic and sales growth as lower income consumers have more tightly managed wallets. Chipotle is posting mid-single-digit traffic while opening new stores and posting its highest Q1 store margin in at least seven years, the analyst tells investors in a research note.