12:03 PM EDT, 05/22/2024 (MT Newswires) -- Chipotle Mexican Grill ( CMG ) is "uniquely positioned" to exceed the market's same-store sales expectations for 2024 and 2025 despite a choppy industry backdrop, Oppenheimer said in a note Wednesday.

"This is driven primarily by in-store throughput momentum...and our belief that strengthening price/value awareness is elevating demand," Oppenheimer analysts Brian Bittner Michael Tamas said. "Our work also suggests CMG is unlikely to be materially impacted by the fast-food value wars currently emerging."

Oppenheimer said CMG's relative menu pricing against competition has improved since its last study in October last year, pointing to robust price/value as an ongoing traffic driver.

"This, along with throughput catalysts and levers for restaurant margins, underpins our earnings per share upside bias through 2025E," the analysts said.

Oppenheimer raised its price target on Chipotle to $3,485 from $3,300 while keeping its outperform rating.

Price: 3156.42, Change: -16.38, Percent Change: -0.52