Chipotle price target lowered to $35 from $48 at Stephens

Stephens lowered the firm’s price target on Chipotle (CMG) to $35 from $48 and keeps an Equal Weight rating on the shares. The Q3 report shows a continuation of Chipotle’s comps, traffic, and cost leverage pressures in the near term, the analyst tells investors in a research note. Stephens sees fiscal 2026 as a “prove-it” year for Chipotle to get back to mid-single-digit comp growth.