TD Cowen analyst Andrew Charles keeps a Buy rating and$44 price target on Chipotle (CMG) but notes that the company’s announcement of the transition of its Chief Brand Officer Chris Brandt was “disappointing” as the firm viewed him as “the right executive”. The firm adds however that it expects Chipotle’s $350M marketing budget and desirable brand position to attract a strong replacement, the analyst tells investors in a research note.
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