Overview
- Bernstein reaffirmed Outperform but cut its price target to $40, citing a cautious traffic outlook and potential spring 2026 catalysts that include a new Tax Bill and U.S. Soccer World Cup–related demand.
- Mizuho lifted its target to $36 and kept a Neutral rating, saying Chipotle’s pricing and promotions should support transactions but add pressure to restaurant-level margins.
- Telsey’s Sarang Vora initiated coverage with a $50 target, pointing to 350–370 planned openings in 2026, more than 80% with Chipotlanes, and stepped-up international growth through company-owned and partner-run units.
- Vora projects comps to turn positive from the second quarter of 2026 with margin recovery late 2026 into 2027, aided by a high-protein menu, new dips and sides, limited-time items, a loyalty refresh, catering, and higher marketing spend.
- Shares traded around $39–$40 this week following a roughly 31% 52-week slide, as fund commentary highlighted a disappointing 2025 driven by cost inflation and competition but maintained long-term conviction in the brand’s growth runway.