Chipotle price target lowered to $69 from $74 at Truist

Truist analyst Jake Bartlett lowered the firm’s price target on Chipotle to $69 from $74 and keeps a Buy rating on the shares. The firm cites the company’s weaker than expected Q3 guidance as traffic growth decelerated to 3.0%-3.5% in June, the analyst tells investors in a research note. Truist adds that trends remain stable in July, with sales drivers ahead, though the firm is cutting its FY24 EPS view by 4c to $1.07.