Chipotle price target adjusted to $58 from $2,865 at Barclays

Barclays analyst Jeffrey Bernstein lowered the firm’s price target on Chipotle to $58 from $2,865 and keeps an Equal Weight rating on the shares to reflect the stock split. Comps eased to start Q2 for the restaurant group before stabilizing at lower levels, the analyst tells investors in a research note. The firm says quick service were most impacted led by lower income consumers, but all are “vulnerable.” Menu pricing continues to ease, along with inflation, says Barclays, which expects near-term outperformance from discretionary, high growth and co-op names.