RBC Capital lowered the firm’s price target on Chipotle to $2,250 from $2,300 but keeps an Outperform rating on the shares. The company’s Q2 results saw an in-line top-line and slightly better restaurant-level margins that helped drive a modest earnings beat, the analyst tells investors in a research note. Softer Q3 comps and margin guide weighed on shares, but Chipotle is set up for comp acceleration against easier Q4 comparisons, the firm added.
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Read More on CMG:
- Chipotle price target lowered to $1,981 from $2,075 at Piper Sandler
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