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Why Piper Sandler remains bullish on Chipotle

Piper Sandler analysts led by Nicole Miller Regan raised their price target on shares of Chipotle to a street-high of $1,450 based on “current checks, conversations with the company, proprietary survey data, and scarcity value,” noting that it’s also well-positioned to carry out its long-term growth strategy. With the rise of delivery amid COVID-19, the firm notes that Chipotle’s digital sales retention could represent an additional $700,000 AUV opportunity on top of the brand's current $2.2 million AUV.

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