Barclays lowered the firm’s price target on Chipotle (CMG) to $43 from $53 and keeps an Equal Weight rating on the shares as part of a Q3 preview for the restaurant group. Comparable sales were “choppy” in the quarter, slowing in September despite an uptick in value offers, with fast casual most impacted, the analyst tells investors in a research note. The firm adds that food inflation spiked for select items, with some restaurants reverting to price despite ongoing traffic weakness.
Claim 30% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CMG:
- Chipotle price target lowered to $56 from $65 at UBS
- Chipotle’s Long-Term Growth Potential Justifies Buy Rating Amid Short-Term Challenges
- Chipotle price target lowered to $52 from $58 at KeyBanc
- Casual Dining Stocks: Feeling Down in the Mouth as Festive Economy Freezes
- Chipotle price target lowered to $52 from $56 at Raymond James