Chipotle price target raised to $50 from $45 at Wells Fargo

Wells Fargo raised the firm’s price target on Chipotle (CMG) to $50 from $45 and keeps an Overweight rating on the shares. While there’s reason to look past mixed Q4 results, the firm believes clear winners/ losers will likely set the 2026 tone. Wells sees Casual Dining outperforming, innovation driving QSR, and Fast Casual inflection pushed out.