Gordon Haskett analyst Jeff Farmer said his analysis revealed that Chipotle has offered its customers more free delivery days than any other restaurant concept among the top-30 market cap restaurant companies since it entered into its delivery partnership with DoorDash a bit over a year ago at 71 free days. He sees this rate as "unsustainable" and thinks it will also present a same-store sales headwind when free delivery offers are lapped in future quarters. The analyst, who sees Chioptle's Q1 same-store sales growth as "the high-water mark for the year," keeps an Underperform rating on Chipotle shares with a $580 price target.

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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.