Chipotle price target lowered to $1,780 from $1,800 at KeyBanc

KeyBanc analyst Eric Gonzalez lowered the firm’s price target on Chipotle to $1,780 from $1,800 and keeps an Overweight rating on the shares. Chipotle’s Q4 results included EPS, same-store sales growth, and store-level margins that fell below expectations. However, traffic accelerated in January and the company’s same-store sales growth/store-level margin outlook for Q1 implies results at or above consensus, the firm says. With inflation moderating, Chipotle has no immediate plans to raise prices, and KeyBanc expects the company to be more patient with increases relative to 2022.