Chipotle price target raised to $3,600 from $3,200 at Evercore ISI

Evercore ISI raised the firm’s price target on Chipotle to $3,600 from $3,200 and keeps an Outperform rating on the shares. The firm is raising its 2024 same-store sales growth forecast from 6% to 7.5% as Chipotle’s superior “food quality for the money” and improving throughput is helping differentiate itself from an industry with declining traffic, noting that the company believes its throughput gains are in the early innings.