Chipotle price target raised to $2,500 from $1,900 at JPMorgan

JPMorgan analyst John Ivankoe raised the firm’s price target on Chipotle to $2,500 from $1,900 and keeps a Neutral rating on the shares after hosting Chipotle’s CEO Brian Niccol and CFO Jack Hartung for investor meetings at their Newport Beach HQ. It was “impossible to come away anything less than impressed with this focused and detail-oriented company,” says the analyst, who now assumes 8,000 North America units achieved by 2032 with a $4M average unit volume and 28% store margin along with 1,000 international stores by 2032. While pushing up the firm’s total addressable market assumptions calls for a “much higher” price target, it still doesn’t justify a ratings flip to Overweight, the analyst tells investors.