Chipotle price target raised to $65 from $60 at UBS

UBS raised the firm’s price target on Chipotle (CMG) to $65 from $60 and keeps a Buy rating on the shares. Chipotle’s Q2 earnings are likely to include pressured sales given macro challenges and tough compares, though underlying trends likely improved throughout the quarter, while the company has initiatives in place to support a positive sales and traffic inflection int he second half, the analyst tells investors in a research note. Chipotle remains positioned for positive transaction growth and mid-single digit same-store sales long-term, with further margin expansion potential and accelerating unit development likely still supportive of ~20% EPS growth, the firm says.