Chipotle price target raised to $3,485 from $3,300 at Oppenheimer

Oppenheimer analyst Brian Bittner raised the firm’s price target on Chipotle to $3,485 from $3,300 and keeps an Outperform rating on the shares following an updated modeling analysis and a refresh to recurring pricing study. Chipotle’s relative menu pricing vs. competition has improved since the firm’s October 2023 study, highlighting its robust price/value as an ongoing traffic driver. This, along with throughput catalysts and levers for restaurant margins, underpins Oppenheimer’s EPS upside bias through 2025. Interestingly, the firm believes earnings power by 2030 has a base-case path to over $150/share without underwriting International success or potential accretion from automation benefits.