Chipotle price target raised to $3,400 from $3,250 at KeyBanc

KeyBanc raised the firm’s price target on Chipotle to $3,400 from $3,250 and keeps an Overweight rating on the shares. The firm notes Chipotle’s Q1 2024 results included EPS, same-store sales growth, and store-level margins that exceeded expectations, driven by industry-leading transaction growth. Strong same-store sales momentum continued into April, and the company raised its FY24 same-store sales outlook range to mid to high-single-digits. In addition, Chipotle continues to expect 285-315 new stores this year and about 10% by 2025.