Chipotle price target raised to $3,400 from $2,900 at UBS

UBS analyst Dennis Geiger raised the firm’s price target on Chipotle to $3,400 from $2,900 and keeps a Buy rating on the shares. After having utilized a recent UBS Evidence Lab quick service restaurant survey of about 2,000 consumers to help assess traffic drivers and the sustainability of traffic momentum, the analyst tells investors that the firm sees Chipotle as positioned for continued traffic and sales momentum, supported by near- to longer-term growth catalysts including growing visit intent, solid food quality and value attributes.