Chipotle price target lowered to $45 from $53 at Truist

Truist analyst Jake Bartlett lowered the firm’s price target on Chipotle (CMG) to $45 from $53 and keeps a Buy rating on the shares after its worse than expected Q3 results. Macro pressures are weighing on traffic, which is compounded by strong year ago compares, but conservative SSS guidance should set expectations to beatable levels as Chipotle seeks to reaccelerate traffic with limited menu pricing, value oriented marketing, increased menu innovation and improved operations, the analyst tells investors in a research note.