Chipotle price target lowered to $36 from $37 at Guggenheim

Guggenheim lowered the firm’s price target on Chipotle (CMG) to $36 from $37 and keeps a Neutral rating on the shares. Management laid out what it expects to be a conservative flat same-store sales growth guidance for 2026 and provided a framework for margin reinvestment, notes the analyst, who thinks the conservative guidance is “probably an important move,” but also notes that the stock’s valuation is not yet reflecting flat SSS this year.