The firm also said the company has 'best-in-class unit economics with an upside.'
Chipotle is a post-pandemic winner with long-term growth that investors may not fully value, according to Wells Fargo. Analyst Zachary Fadem initiated coverage of the fast casual restaurant stock as overweight. His price target of $1,800 implies an upside of 12.7% from where the stock closed Monday. Fadem said the Mexican food chain has "best-in-class unit economics with an upside.
Meanwhile, he said costs should moderate going forward, with operations continuing to normalize. Fadem also noted Chipotle benefits from pricing power in the restaurant industry and that it's considered a clear "post-pandemic winner," outpacing the broader space. Chipotle is unique among restaurants with sentiment relatively more mixed and higher short interest, he said.
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