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It’s possible that your burrito is getting more expensive.
The company announced Wednesday that it is increasing prices in the U.S. “For the first time in over a year, we have taken a modest price increase of approximately 2% nationally to offset inflation,” In an email sent to Investopedia, Chipotle’s Chief Corporate Affairs officer Laurie Schalow stated that the company is committed to ensuring its customers are satisfied.
On the most recent earnings call, in October, the new Chief Executive Officer Scott Boatwright said that there were no changes. “nothing planned today, but that’s not to say we wouldn’t look at a pricing action at some point in the future.” Last week, a Wall Street Journal story hinted at the possibility that Chipotle prices could increase.
Chipotle Stocks Rise on News of Price Increment
Chipotle’s shares have recently risen by over 4%. They are now almost 40% more expensive this year.
“The menu price increase is earlier than we … expected” The following are some examples of how to get started: “a positive for the stock, in our view,” Truist Securities analysts wrote this Wednesday. “We believe CMG is taking the menu price from a point of strength.” According to Visible Alpha, the analysts raised their target price for shares by $2. This is a little more than Wall Street average at $68.
The stock traded a tiny bit under $64 on Wednesday.
Early February will see the results of the fourth quarter financial report, which is expected to show the effects of menu price hikes.
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