Cleveland Research says Chipotle's comps in August improved modestly from the 21% decline in July. The firm expects the improvement to continue in September.

Raymond James analyst Brian Vaccaro raised the firm's price target on Chipotle (CMG) to $3,300 from $3,200 and keeps an Outperform rating on the shares. The firm maintains a selective stance towards its restaurant coverage universe as industry sales have underwhelmed in recent months, causing Raymond James to increasingly favor stocks it view as having "idiosyncratic factors trading at attractive valuations," such as Brinker (EAT), Shake Shack (SHAK), First Watch (FWRG) and Bloomin' Brands (BLMN), the analyst tells investors in a group earnings preview note.

Chipotle Mexican Grill announced the opening of its first location in Kuwait City in partnership with leading international franchise retail operator Alshaya Group. The restaurant has been operating with adjusted hours since the beginning of the month to account for holidays and training and will hold its official grand opening on April 23. Chipotle's location in Kuwait marks the first time the company has entered a new country in over 10 years. The new restaurant is located at The Avenues, Kuwait's largest shopping mall and a hub for international and local brands with over 1,100 stores and approximately one million visitors per week.