Morgan Stanley lowered the firm’s price target on Chipotle (CMG) to $50 from $59 and keeps an Overweight rating on the shares. Q3 was about in line, but with Q4 stepping down and with slower traffic, more inflation and less price, Chipotle is pointing to a lower starting point for next year, the analyst tells investors. Traffic can be fixed over time and the unit growth story is “intact for a good brand,” but the bull case is “pushed out,” the analyst added.
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