Raymond James raised the firm’s price target on Chipotle (CMG) to $72 from $66 and keeps an Outperform rating on the shares. November restaurant industry sales data reflected improved industry trends, the analyst tells investors in a research note. Chipotle remains one of the highest quality stocks in the firm’s universe given the company’s strong value and quality brand positioning, sustained mid-single digit comp growth, and high single digit annual unit growth supported by best-in-class new unit ROIs, the firm says.
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