Chipotle cut to Hold at Argus amid rising costs, weaker consumer sentiment

As previously reported, Argus analyst John Staszak downgraded Chipotle (CMG) to Hold from Buy with no price target The firm is citing rising avocado, chicken and pepper prices, growing competition among restaurants, and higher wage and store location costs remaining headwinds for the chain, the analyst tells investors in a research note. Argus further notes that weakening consumer sentiment and higher menu prices are weighing on customer traffic and reducing same-store-sales growth.