Chipotle price target lowered to $59 from $65 at Morgan Stanley

Morgan Stanley analyst Brian Harbour lowered the firm’s price target on Chipotle (CMG) to $59 from $65 and keeps an Overweight rating on the shares. With the exit rate slower, a softer Q3 appears likely, says the analyst, who reduced the firm’s Q3 and second half estimates and would expect fiscal year same-store sales to be negative versus the about flat prior guidance. However, the firm thinks investor views incorporate this, “if they aren’t a bit worse,” the analyst added in a preview.