Chipotle Mexican Grill (CMG) PT Raised to $2,350 at TD Cowen Following Meetings

TD Cowen analyst Andrew Charles raised the price target on Chipotle Mexican Grill (NYSE: CMG) to $2,350.00 (from $2,200.00) while maintaining an Outperform rating following management meetings.

The analyst commented, "We are confident CMG's multi-pronged strategy will drive share gains, while Project Square One is in early innings & we estimate can ultimately unlock ~500 bps of traffic growth. We also highlight proprietary survey data that suggests superior fast casual value perceptions & CMG's 2008-09 share gains vs peers. Separately, the class of 2022 openings' unit economics outperformed the class of 2021."

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