Bernstein analyst Danilo Gargiulo raised the firm’s price target on Chipotle (CMG) to $2,400 from $2,300 and keeps an Outperform rating on the shares. The analyst says 2024 will be the first “normal” year for restaurants since 2019. Chipotle and Restaurant Brands (QSR) are the firm’s top picks for 2024. It expects Chipotle’s topline resilience amid slowing consumer sentiment, margin expansion led by productivity unlocks, and accelerated unit growth in the second half of 2023 will sustain investor interest.
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Read More on CMG:
- Chipotle price target raised to $2,525 from $2,225 at Oppenheimer
- Chipotle price target raised to $2,650 from $2,175 at BTIG
- Chipotle price target raised to $2,450 from $2,100 at Stifel
- Chipotle Chairman Brian Niccol sells $2.5M in company shares
- Chipotle price target raised to $2,246 from $1,885 at Barclays
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