Chipotle price target raised to $2,525 from $2,225 at Oppenheimer

Oppenheimer raised the firm’s price target on Chipotle to $2,525 from $2,225 and keeps an Outperform rating on the shares. The firm’s work suggests 2024 marks a year of “normalization” for the restaurant industry, the analyst tells investors in a research note. Chipotle is no longer one of the firm’s top picks, as its recent price outperformance is difficult to ignore, but says the story’s traffic, margin and unit growth drivers keep the foundational elements of its ongoing earnings power thesis intact.