Chipotle price target raised to $47 from $44 at Piper Sandler

Piper Sandler analyst Brian Mullan raised the firm’s price target on Chipotle (CMG) to $47 from $44 and keeps an Overweight rating on the shares. Ahead of quarterly results, the firm says its sense is that investor expectations call for a same-store sales result of down 2.5%, which compares modestly favorably to the current consensus estimate of down 3.0%. In addition, Piper believes that there is some optimism building for a first half of 2026 that could be stronger from a top-line perspective versus what is currently modeled by consensus, which is likely behind some of the better share price performance of late.