Chipotle price target lowered to $2,150 from $2,250 at Stifel

Stifel analyst Chris O’Cull lowered the firm’s price target on Chipotle to $2,150 from $2,250 and keeps a Buy rating on the shares. The company “did not deliver quality upside” with high expectations heading into the report, given that the headline beat was driven by non-operating items, the analyst tells investors. The Q3 comp guidance of low-to-mid single digit growth was weaker than expected, but the company reiterated its full-year comp guidance of mid-to-high single digits, which indicates they expect a meaningful step up in Q4 traffic and another menu price increase, added the firm, which is “encouraged by the company’s progress in improving throughput.”