The analyst said he believes that "management has only briefly touched on an improved restaurant design, but remodels seem to be a consideration, with the timing of a rollout and the scale of the remodel determining the potential SSS [same-store sales] growth contribution."
Wedbush maintained its rating of neutral on the Mexican food chain.
In April, Brian Niccol, CEO of Chipotle, said, "We will provide greater consumer access through delivery and catering, enhance the digital experience, innovate around our menu and improve our restaurant design." The company will be holding a call with shareholders on June 27.
A William and Blair Co. survey released earlier this month found that 56% of millennials were visiting Chipotle less and less.
Chipotle rose 1.9% to $472. The stock has risen 63% so far in 2018.