Guggenheim lowered the firm’s price target on Chipotle (CMG) to $48 from $56 and keeps a Neutral rating on the shares. Noting that underlying traffic trends appear to have decelerated throughout the quarter and into the start of Q2, the firm is trimming its EPS and price target for Chipotle ahead of earnings tomorrow evening and thinks the company will likely cut same-store sales growth guidance to flat to positive low-single digits for the year, the analyst tells investors in a preview.
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