Chipotle downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Brian Harbour downgraded Chipotle to Equal Weight from Overweight with a price target of $1,664, down from $1,847, after assuming coverage of the name. While Chipotle’s status as a marquee long term growth asset stands, in our minds, traffic headwinds and fewer sales catalysts may make outperformance harder this year, Harbour tells investors in a research note.