Citi raised the firm’s price target on Chipotle to $71 from $69 and keeps a Buy rating on the shares ahead of the Q3 report. The firm expects encouraging commentary regarding momentum through the quarter. A clear path for same-store-sales drivers, high-single-digit unit growth, and a 20%-plus earnings algorithm should justify a return to the brand’s historical valuation multiple, the analyst tells investors in a research note.
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