Chipotle price target lowered to $40 from $58 at RBC Capital

RBC Capital analyst Logan Reich lowered the firm’s price target on Chipotle (CMG) to $40 from $58 and keeps an Outperform rating on the shares. The company’s Q3 print was challenging and the management’s outlook on Q and 2026 was below consensus expectations coming in, the analyst tells investors in a research note. Macro headwinds intensified q/q in Q3 and into October as consumers traded out of fast casual into food at home, the firm added.