Oppenheimer analyst Brian Bittner has identified a portion of Chipotle units that the firm tracks begin to raise prices this week. On average, chicken and steak burrito/bowl pricing is up +3.7% in the stores that have taken price, with some above 4% and none below 3%. Oppenheimer believes this could be the beginning stages of a national increase across the system over next few weeks, and represents a potential catalyst to shares. The firm reiterates an Outperform rating on the shares.
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