Barclays lowered the firm’s price target on Chipotle (CMG) to $43 from $53 and keeps an Equal Weight rating on the shares as part of a Q3 preview for the restaurant group. Comparable sales were “choppy” in the quarter, slowing in September despite an uptick in value offers, with fast casual most impacted, the analyst tells investors in a research note. The firm adds that food inflation spiked for select items, with some restaurants reverting to price despite ongoing traffic weakness.
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