Chipotle price target lowered to $53 from $60 at Truist

Truist analyst Jake Bartlett lowered the firm’s price target on Chipotle (CMG) to $53 from $60 and keeps a Buy rating on the shares as part of a broader research note previewing a “lackluster” Q3 among Restaurant names. The ‘Carne Asada’ LTO – Limited Time Offer – is priced lower than last year’s successful ‘Smoked Brisket’ LTO, which is appropriate given the current environment but is likely contributing to weak same store sales this quarter, the analyst tells investors in a research note.