Chipotle price target raised to $39 from $38 at Stephens

Stephens raised the firm’s price target on Chipotle (CMG) to $39 from $38 and keeps an Equal Weight rating on the shares. Q1 came in better than expected, but “the more important takeaway” was the forward comp outlook, the analyst tells investors. While FY26 comp guidance remained about flat, April commentary pointed to demand moving in the right direction, adds the analyst, who thinks results “helped bolster the recovery narrative and should shift investor sentiment more positive.”