Wedbush lowered the firm’s price target on Chipotle to $2,200 from $2,300 and keeps an Outperform rating on the shares. The firm notes Chipotle reports Q2 EPS above expectations on better-than-expected UL margin, but Q3 same-store sales growth guidance below consensus as pricing wears off. With no incremental near-term price increase, Q3 margins commentary was below expectations, Wedbush adds.
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