Chipotle price target lowered to $56 from $60 at Raymond James

Raymond James lowered the firm’s price target on Chipotle (CMG) to $56 from $60 and keeps an Outperform rating on the shares. Industry comps were “noisy” in July, historically a month that can be difficult to read due to changes in summer travel and spending patterns, and calendar shifts, the analyst tells investors in a research note. The company maintains a very strong value proposition, though Raymond James sees an opportunity to more effectively message its value proposition.