Chipotle price target lowered to $45 from $50 at RBC Capital

RBC Capital lowered the firm’s price target on Chipotle (CMG) to $45 from $50 and keeps an Outperform rating on the shares ahead of its Q1 results. The firm expects Q1’s same-store sales to come in slightly ahead of consensus as compares may have gotten easier through the quarter given that traffic took a step down in February of 2025, the analyst tells investors in a research note. The management will likely reiterate the flat FY26 SSS guidance given elevated macro uncertainty, but the firm still thinks there’s potential for upwards revisions through the year.