Mizuho Upgrades Chipotle on Improving Trends, Sees Flat Q1 Comparable Sales

Overview

• Mizuho raised Chipotle to Outperform on March 20, noting emerging signs of a same‑store sales turnaround.
• The firm now expects Q1 2026 comps to be flat, up from a prior forecast of a 0.4% decline and better than a consensus drop of 1.1%.
• Mizuho cited stronger March traffic supported by menu initiatives, marketing and a greater emphasis on value.
• Chipotle shares trade about 52% below their June 2024 peak despite a 262% gain over the past decade.
• Management still plans 350 to 370 openings in 2026 after a 1.7% comp decline last year, supported by multi‑year growth in revenue and net income.