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As previously reported, Redburn Atlantic initiated coverage of Chipotle (CMG) with a Neutral rating and $55 price target Chipotle remains the “standout” in U.S. restaurants, underpinned by superior unit economics, a higher-income customer base and continued throughput improvements, the analyst tells investors in a research note. The firm says the company’s exposure to GLP-1 weight loss drugs is low, its pricing has not been aggressive and traffic trends have been more resilient than those at peers. However, current expectations already embed a strong outer-year same-store sales recovery, leaving limited room for upwards revisions, contends Redburn. As such, it sees the stock as fairly valued.
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