Raymond James says checks point to Chipotle menu price uptick

Raymond James says the firm’s recent pricing checks suggest that Chipotle (CMG) is starting to increase menu prices in a handful of markets. This seems consistent with management’s message from its Q3 call that it would take more of a “test-and-learn” and phased/regional approach on pricing into 2026. Raymond says that the two price actions it has seen so far reflect an average estimated increase of about 2.5% in Denver and in the low 3% range in Sacramento. While timing of additional markets/increases is uncertain, the firm’s running assumption is that the company will roll phased increases in the 2%-3% range through 2026, which could result in average year-over-year menu pricing in the 1%-2% range. Raymond has an Outperform rating on the shares.