KeyBanc analyst Eric Gonzalez lowered the firm’s price target on Chipotle (CMG) to $58 from $60 and keeps an Overweight rating on the shares. The firm notes Chipotle’s Q1 results delivered a margin-driven EPS beat. However, the same-store sales decline was below Street forecasts. With that said, KeyBanc believes expectations had become more muted, even as the industry began to move past weather and other hurdles to start the year. The firm is confident in the company’s action plan, which includes enhanced marketing, menu innovation, and a continued focus on in-store execution.
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