Chipotle price target lowered to $60 from $65 at Wells Fargo

Wells Fargo lowered the firm’s price target on Chipotle (CMG) to $60 from $65 and keeps an Overweight rating on the shares. The firm expects Chipotle’s shares lower post a Q2 comparable sales shortfall, choppy July start and lower full year outlook amid consumer variability. While improvement is playing out slower vs hoped, Wells says it would defend shares with initiatives showing promise and second half of the year/FY26 levers still in play.