Chipotle price target lowered to $60 from $65 at RBC Capital

RBC Capital lowered the firm’s price target on Chipotle (CMG) to $60 from $65 and keeps an Outperform rating on the shares. The company’s Q1 print was below consensus but likely only slightly below buy-side as the macro increasingly weighed on comp growth and prompted management to lower FY25 guidance to LSDs, which assumes stable macro and positive traffic in the second half of the year, the analyst tells investors in a research note. RBC adds that unit growth guidance was reiterated and the company is seeing strong cash-on-cash returns.