Stephens lowered the firm’s price target on Chipotle (CMG) to $49 from $54 and keeps an Equal Weight rating on the shares after the company reported mixed Q1 results that included a modest miss on same-store sales and unit development along with better-than-expected restaurant-level margins and adjusted EPS. Chipotle’s lowered FY25 same-store sales guidance given the current macro backdrop translates to an expectation for negative comps in Q2 with improvement expected in the back-half of the year, the analyst noted.
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