Chipotle price target raised to $60 from $59 at Piper Sandler

Piper Sandler raised the firm’s price target on Chipotle (CMG) to $60 from $59 and keeps a Neutral rating on the shares after the company reported its Q3 results and hosted its call. The firm notes that the domestic same-store sales result of +6.0% was modestly below the consensus estimate of +6.2%, and it was also below its sense of investor expectations in the ~+6.5% to 7.0% range.