Chipotle price target lowered to $60 from $62 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Chipotle to $60 from $62 and keeps an Equal Weight rating on the shares. The firm calls Q2 sales “impressive,” flowing through to better EPS, adding that while sales deceleration, and lower margins compared to expectations, is likely in Q3 and maybe Q4, the firm would argue this is “mostly priced in by now.”