Chipotle price target raised to $56 from $55 at BMO Capital

BMO Capital raised the firm’s price target on Chipotle (CMG) to $56 from $55 and keeps a Market Perform rating on the shares. The company’s Q3 earnings topped estimates as favorability across G&A, restaurant margins, and taxes more than offset slightly softer same-store sales growth, the analyst tells investors in a research note. Chipotle’s September/October traffic trends also accelerated, though the company’s moderating pricing suggests that slower comp growth trend that started in Q3 persists in Q4, the firm added.