Chipotle price target lowered to $60 from $65 at UBS

UBS lowered the firm’s price target on Chipotle (CMG) to $60 from $65 and keeps a Buy rating on the shares. Chipotle’s Q1 same-store sales were “sluggish,” with pressures continuing Q2-to-date, while margins were modestly better and restaurant development remained solid, the analyst tells investors in a research note. While the onus is on Chipotle to accelerate trends closer toward mid-single digits, with shares likely range bound in the interim, UBS says it’s too early to write off the potential for a rebound to mid-single digits over time.