Maxim analyst Stephen Anderson kept his Buy rating and $410 price target on Chipotle ahead of its Q1 earnings next week. Although Anderson lowers his Q1 EPS view to $1.86 from $1.90 - which is still above consensus $1.60 - and also lowers his Q1 comps view to 1.2% from 1.5% due to the impact of bad weather, he still expects the company's turnaround to continue and continues to model FY18 SSS of 4.5%. The analyst adds that while Chipotle management has not emphasized stock buybacks, he expects repurchases to be a "significant" driver of earnings in FY18-FY19.

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Truist raised the firm's price target on Chipotle to $3,440 from $3,250 and keeps a Buy rating on the shares after its Q1 earnings beat. The company is one of the few restaurants driving consistently strong traffic as its strong value proposition, effective marketing, improving service levels and faster throughput appear to be creating a sustainable positive feedback loop, the analyst tells investors in a research note. An expected increase in avocado prices and potentially muted menu pricing in Q4 create a potential temporary headwind to margins, but this is overshadowed by Chipotle's near industry leading traffic and accelerating development, the firm added.

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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.