Chipotle upgraded at RBC based on potential for thousands more restaurant locations

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Chipotle Mexican Grill Inc. was upgraded to outperform from sector perform at RBC Capital Markets based on a number of factors that could grow the business, including the potential to expand the company by thousands of restaurant locations. RBC raised its price target to $1,650 from $1,320. Chipotle has an average price target of $1,461.31, based on 33 analysts polled by FactSet. The stock closed Wednesday at $1,395. “[W]e see the greatest upside near-term from reaccelerating unit growth, setting Chipotle further along the path to 6,000+ restaurants, from ~2,700 today,” the note said. “Management noted recently that its pipeline for new restaurant expansion approximates 200 units this year, up from
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