Chipotle price target lowered to $2,200 from $2,400 at Wells Fargo

Wells Fargo lowered the firm’s price target on Chipotle to $2,200 from $2,400 and keeps an Overweight rating on the shares. The firm expects Chipotle to trade sharply lower on Thursday. The Q2 bar was high, comps fell slightly short, and the the second half of the year outlook has its sticking points, Wells says. While the firm’s long-ter bull case still stands, Wells is “back in the penalty box.”