Chipotle price target lowered to $61 from $64 at Stephens

Stephens lowered the firm’s price target on Chipotle to $61 from $64 and keeps an Equal Weight rating on the shares. The company reported better-than-expected Q2 results “across almost all major line items” and the firm believes Chipotle has one of the clearest lines of sight in restaurants to delivering positive traffic for FY24, the analyst tells investors. However, this view is partially offset by commentary around pressured margins in the near-term and the firm’s belief that most of the momentum is baked into the current stock price, the analyst added.