Truist analyst Jake Bartlett lowered the firm’s price target on Chipotle (CMG) to $60 from $64 and keeps a Buy rating on the shares. The Q2 same-store sales miss creates a strong buying opportunity, the analyst tells investors in a research note. Aggressive menu pricing in ’21-’24 has made Chipotle more sensitive to macro factors, but “tame” recent pricing and an improved guest experience should drive a solid traffic recovery, the firm says.
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