Chipotle price target lowered to $60 from $78 at Argus

Argus analyst John Staszak lowered the firm’s price target on Chipotle to $60 from $78 but keeps a Buy rating on the shares after its recent Q2 results. The company has a healthy balance sheet along with robust mobile ordering and delivery platforms and should gain market share relative to more expensive full-service restaurants, the analyst tells investors in a research note. The firm is also raising its FY24 EPS view by 7c to $1.16 and its FY25 view by 5c to $1.36, noting that the stock’s post-earnings selloff “creates a buying opportunity”.