Chipotle price target lowered to $45 from $52 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on Chipotle (CMG) to $45 from $52 and keeps a Buy rating on the shares. Chipotle reported adjusted Q3 results that missed consensus estimates on the top line but were roughly in line with expectations on the bottom line, the analyst tells investors in a research note. Goldman says near-term inflationary headwinds and industry-wide macro pressures are expected to weigh on traffic amid challenges faced by Chipotle’s core consumers in younger and lower income consumer cohorts, but thinks there is an opportunity for the brand to re-accelerate transaction driven comp growth long term.