Chipotle price target lowered to $62.50 from $70 at Raymond James

Raymond James lowered the firm’s price target on Chipotle to $62.50 from $70 and keeps an Outperform rating on the shares. The company’s strong Q2 comp and margin beat was offset by a more cautious margin outlook and moderating comps in June and July, the analyst tells investors in a research note. Chipotle is driving strong comp/traffic outperformance, which can continue driven in part by tangible throughput tailwinds and the return of its very popular smoked brisket limited time offer in late Q3, the firm says, adding that Chipotle is well-positioned to navigate the current environment and remains among the highest quality growth stories across the consumer sector.