Chipotle price target lowered to $45 from $50 at Stifel

Stifel analyst Chris O’Cull lowered the firm’s price target on Chipotle (CMG) to $45 from $50 and keeps a Buy rating on the shares. While the firm is are bullish on the brands’ customer-acquisition levers, it remains “loyalty skeptics,” questioning whether “leaning into” the loyalty program and 1:1 personalization will drive incremental transactions and arguing that trying to squeeze another visit out of the 21M-plus active loyalty members “seems like an uphill battle, as it was in 2025,” the analyst writes in a post-earnings note.