Patrons of Chipotle restaurant in Denver line up for lunch.
Andy Cross | The Denver Post | Getty Images
CLSA raised its rating for Chipotle to outperform from underperform, citing a traffic turnaround due to the restaurant's new loyalty rewards.
"Chiptopia [rewards program] will be a key catalyst for traffic rebuild, in our view," CLSA's Jeremy Scott wrote in a note to clients Tuesday.
"It is a highly compelling and engaging platform that induces urgency, incentivizes consistency, and most importantly, re-energizes its most loyal customers."
