Chipotle downgraded to Neutral from Outperform at Wedbush

Wedbush analyst Nick Setyan downgraded Chipotle to Neutral from Outperform with a $2,400 price target. The firm believes slowing transaction growth at Chipotle as 2024 progresses may jeopardize its current valuation while it also views a consumer “more focused on check management as a threat.” The firm is incrementally cautious as the timing of Carne Asada’s end largely coincides with price increases, the analyst added.