On Wednesday, Truist Securities updated its outlook on Chipotle Mexican Grill (NYSE:CMG), an $83.1 billion market cap restaurant chain, increasing the price target to $74.00 from the previous $72.00. The firm has maintained a Buy rating on the stock.

“Our weekly web scrape indicates that CMG has taken ~+2% menu price at 20% of its stores in the past week, which we believe is the start of a system-wide rollout,”analysts at Truist said.

According to the analyst from Truist Securities, this price hike by Chipotle was unexpected but aligns with earlier hints from a report published on November 26, 2024. The analyst views the price increase as a positive development for the company’s stock, as it appears to be implemented from a position of…