Chipotle price target lowered to $2,330 from $2,400 at Stephens

Stephens lowered the firm’s price target on Chipotle to $2,330 from $2,400 and keeps an Overweight rating on the shares ahead of the company’s scheduled earnings report on October 26. The firm believes Chipotle’s underlying momentum remains intact and that Chipotle is well-positioned to drive sales and maintain share. However, “checks left us feeling that our prior estimates could be a bit optimistic” and the firm is moving inline with the Street for Q3 comp growth at 4.5% versus a prior forecast for 6% same-store sales growth, the analyst tells investors.