Bernstein lowered the firm’s price target on Chipotle (CMG) to $40 from $60 and keeps an Outperform rating on the shares. The firm says Chipotle’s Q3 reflected persistent macro pressures, with a SSSG miss and more importantly a full-year SSSG guide-down for the 3rd quarter in a row to a low single digit decline, down from last quarter’s expected flat full year comparable sales. Bernstein is very concerned that the menu and marketing actions taken so far have not sufficiently offset the traffic retraction.
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