Truist ups Chipotle target after uncovering start of price increases

Truist raised the firm’s price target on Chipotle (CMG) to $74 from $72 and keeps a Buy rating on the shares. The firm says its weekly web scrape indicates Chipotle has raised menu prices by 2% at 20% of its stores in the past week, which it believes is the start of a system-wide rollout. The menu price increase is earlier than expected and a positive for the stock, the analyst tells investors in a research note. Truist believes Chipotle is taking the menu price “from a point of strength,” with the firm’s credit card data indicating strong traffic in November and “no clear red flags with operating cost inflation.” It increased estimates saying the December menu price increase is not factored into Chipotle’s Q4 guidance or the firm’s prior 2025 numbers.