Chipotle Mexican Grill (CMG) PT Raised to $3,300 at Wells Fargo

Wells Fargo analyst Jon Tower raised the price target on Chipotle Mexican Grill (NYSE: CMG) to $3,300.00 (from $3,285.00) while maintaining a Overweight rating.

The analyst comments "While Q1 upside was anticipated, CMG beat in style w/ a +7% comp (5.4%+ traffic), 100bps+ of RLM%/EBIT% upside (vs our model) and higher '24 comp outlook just one quarter in. Strength continued into Q2 with Easter/Cali pricing adding ~1pt each and impressive traffic commentary setting up sustained 2H momentum. All in, CMG EPS will be a tough act to follow, w/ impressive execution in an otherwise difficult Restaurant backdrop. We see more upside."

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