Chipotle price target lowered to $2,300 from $2,350 at Oppenheimer

Oppenheimer analyst Brian Bittner lowered the firm’s price target on Chipotle to $2,300 from $2,350 and keeps an Outperform rating on the shares. The firm notes Chipotle was down -9% in after-hours following its Q2 headline earnings beat. The driver of the pullback is management’s Q3 outlook was a tad below Street expectations. Oppenheimer anticipates Q3 consensus EPS to fall to the $10.60 range post-print from $11.55 originally. Despite the minor speed bump, the firm believes the near-term outlook does not have red flags and the business remains strong with positive traffic, improving margins and optionality to take more menu pricing.