JPMorgan lowered the firm’s price target on Chipotle (CMG) to $54 from $58 and keeps a Neutral rating on the shares after meeting with management. The firm believes the company’s currently negative comps should have bottomed and a return to normal seasonality should allow positive comps in Q3 and positive traffic in Q4 and beyond. This turn in comps is generally expected and needs to occur to support the shares, the analyst tells investors in a research note.
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