Chipotle price target raised to $65 from $60 at Bernstein

Bernstein analyst Danilo Gargiulo raised the firm’s price target on Chipotle (CMG) to $65 from $60 and keeps an Outperform rating on the shares. The firm notes Chipotle’s stock is 20% down from its recent peak following its first negative SSSG quarter since the e.Coli crisis. Bernstein believes that the market is fixated on the past quarter and extrapolating that Chipotle will enter a slower growth phase. The firm expects sales inflection faster than the market and sees upside to EPS growth and multiple re-rating.