Chipotle price target lowered to $55 from $61 at BofA

BofA lowered the firm’s price target on Chipotle (CMG) to $55 from $61 and keeps a Buy rating on the shares. While Chipotle “once again” revised down its FY25 same-store sales growth guidance, the firm believes that lower guidance was anticipated, but adds that the magnitude was greater than anticipated. Following the Q3 report, the firm revised its Q4 same-store sales estimate to a decline of 1.6%, down from a prior 0.5% growth forecast, to be in-line with management expectation for negative low-single digit comps in the quarter.