It's still early in the earnings season, but Wall Street thinks burrito chain Chipotle is the biggest winner. The company surpassed consensus estimates on both adjusted earnings per share and revenue Tuesday , reporting $10.50 and $2.37 billion, respectively. Chipotle also told investors that traffic to its restaurants climbed throughout the quarter — even though menu items are up about 10%. Wall Street took the news as a resounding success.
He added that his firm "can't find any flaws in the results" and raised its price target to $2,175 per share from $1,825. The new target implies 22.2% upside. Bank of America, meanwhile, pointed toward Chipotle's growth of its loyalty program, which could help the company persevere if the broader macroeconomic headwinds worsen.
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