Chipotle Mexican Grill Inc (CMG  ) shares rose on Thursday, after the company reported upbeat first-quarter (Q1) results. Here are the key analyst insights:

  • Stephens analyst Jim Salera maintained an Equal-weight rating, while raising the price target from $38 to $39.
  • TD Cowen analyst Andrew Charles reiterated a Buy rating and price target of $44.
  • BTIG analyst Peter Saleh reaffirmed a Buy rating and price target of $45.
Stephens: Chipotle Mexican Grill reported better-than-expected results for the first quarter, Salera said in a note. He added that the key points were:

  • Comparable restaurant sales growth of 0.5%, better than consensus of a decline of 0.8%
  • Restaurant level margins of 23.3%, topping consensus of 23.1%
  • Adjusted earnings of 24 cents per share, in-line with expectations
The "more important takeaway" from the earnings call was the company's forward comp outlook, the analyst stated. Management kept their full-year comp guidance flat.

However, commentary "pointed to demand moving in the right direction as menu innovation, loyalty, and throughput initiatives contribute to better consumer engagement," Salera wrote.

The analyst raised the 2026 EBITDA and adjusted earnings estimates to $2.336 billion and $1.16 per share, up from $2.335 billion and $1.15 per share, respectively.

TD Cowen: At a time when investors are concerned about the impact of macro softness on the restaurant industry, Chipotle Mexican Grill has "set the stage" to beat its second-quarter same-store sales guidance, Charles said. Management indicated that its April sales are being driven by "the loyalty program revamp, cilantro lime sauce launch, and an earlier Easter to kick off burrito season," he wrote.

The analyst stated that the first-quarter beat had driven TD Cowen's 2026 estimate from 1.5% to 1.6%, even after maintaining the estimates for the remaining quarters of the year. This is higher than the company's flat guidance and consensus of 0.9%, he added.

BTIG: Chipotle reported same-store sales growth of 0.5%. That's much higher than expected, with 0.6% growth in traffic and 0.9% increase in prices, Saleh said. "Management indicated that the brand grew sales across all age and income cohorts in 1Q26, and is seeing measurable sales from the introduction of sauces like Cilantro Lime," he wrote.

While trends weakened in March, due to the US-Iran war, they have rebounded in April, the analyst stated. The company guided to second-quarter comps around 1%, which could likely prove too conservative, he added.

CMG Price Action: Shares of Chipotle had risen by 3.5% to $34.15 at the time of publication on Thursday.