Chipotle price target raised to $2,740 from $1,850 at Loop Capital

Loop Capital raised the firm’s price target on Chipotle to $2,740 from $1,850 but keeps a Hold rating on the shares. The company’s Q4 results were “impressive” and its comps were above expectations, while the higher commodity costs due primarily to beef, produce and queso were partially offset by lower paper costs, the analyst tells investors in a research note. Loop adds that it is largely positive on Chipotle’s fundamentals but also believes that these are accurately reflected in the stock’s valuation at the present time.