Wedbush analyst Nick Setyan raised his price on Chipotle Mexican Grill to $310 from $285. In a research note to investors, Setyan said that he is "skeptical" that increasing optimism around a potential inflection in 2019 could materialize, though he expects the combination of "low" expectations for 2018 and the hiring of new CEO Brian Niccols to result in "relatively uneventful" quarterly reports through 2018. Setyan said checks suggest Q1 same-store sales growth are in line with the 1.3% consensus and within the 1%-2% guidance and believes FY18 comp guidance of 2.7% growth is "realistic," adding that visibility into 2019 EPS is the next meaningful catalyst "in either direction." Setyan maintained a Neutral rating on Chipotle shares.

Wells Fargo raised the firm's price target on Chipotle to $3,300 from $3,285 and keeps an Overweight rating on the shares. The firm says that Chipotle's Q1 impressed with +7% comps, +5.4% traffic and accelerating Q2 on tap. Throughput initiatives are resonating, the FY24 comp guide steps up and Wells' estimates grind higher.

Baird raised the firm's price target on Chipotle to $3,500 from $3,250 and keeps an Outperform rating on the shares. The firm raised its estimates and target following Q1 results and still sees a favorable risk/reward on shares for investors with a 6-12 month horizon, as they believe premium valuation metrics can be supported by the company's strong near-term operating momentum.

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For 2024, management is anticipating the following: Full year comparable restaurant sales growth in the mid to high-single digit range; 285 to 315 new restaurant openings with over 80% having a Chipotlane. An estimated underlying effective full year tax rate between 25% and 27% before discrete items.

Reports Q1 revenue $2.7B, consensus $2.67B. Comparable restaurant sales increased 7.0%. "We had another outstanding quarter driven by our improvement in throughput and successful marketing initiatives, including Braised Beef Barbacoa and Chicken Al Pastor, which drove strong sales and transactions. The results we are seeing from our focus on developing exceptional people, preparing delicious food and fast throughput gives me confidence that we can achieve our long-term target of more than doubling our business in North America and expanding internationally," said Brian Niccol, Chairman and CEO, Chipotle.

Pre-earnings options volume in Chipotle is 1.5x normal with puts leading calls 9:7. Implied volatility suggests the market is anticipating a move near 5.3%, or $154.14, after results are released. Median move over the past eight quarters is 7.0%.

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