Telsey Advisory initiated coverage of Chipotle (CMG) with an Outperform rating and $50 price target. The restaurant industry experienced slower consumer spending in 2025, but in 2026 the firm expects moderate improvement in restaurant trends as consumer spending benefits from higher tax refunds and lower interest rates. Company-specific initiatives also should fuel growth, adds the analyst, who prefers restaurants with strong unit growth and excellent execution, such as Cava (CAVA), Chipotle and Dutch Bros (BROS).
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