Chipotle price target lowered to $70 from $71 at Citi

Citi lowered the firm’s price target on Chipotle (CMG) to $70 from $71 and keeps a Buy rating on the shares. The firm does not see much controversy emerging from Chipotle’s Q3 results. Chipotle’s “encouraging” commentary regarding momentum through the quarter and into Q4, which, combined with a multi-year benefit from throughput initiatives and continued confidence in tech initiatives, will likely move same-store-sales higher and longer-term cost metrics lower over time, the analyst tells investors in a research note.