Truist lowered the firm’s price target on Chipotle to $2,230 from $2,310 but keeps a Buy rating on the shares. The company’s Q3 guidance was “disappointing”, but while traffic softened in early June, Chipotle attributes the slowdown to abnormal summer travel dynamics, the analyst tells investors in a research note. Beyond Q3, Chipotle has very easy year-ago compares in Q4 and significant opportunity to drive traffic via throughput over the next few years, the firm added.
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