Chipotle price target lowered to $1,930 from $1,981 at Piper Sandler

Piper Sandler analyst Brian Mullan lowered the firm’s price target on Chipotle to $1,930 from $1,981 and keeps a Neutral rating on the shares after the company reported “very solid” quarterly results. The firm doesn’t think that any of the Bull case or Chipotle will come as a particular surprise to investors, and would actually say that even Bears actually agree with most or even all of it. Piper said that the reality is, for those that are not constructive on Chipotle at current levels, that posture tends to revolve around either valuation or broader U.S. macro concerns, and the firm doesn’t see anything in these results that would change that person’s mind either.