Chipotle Mexican Grill (CMG) Numbers Cut at Goldman Sachs on Reduced Chiptopia Benefit

Goldman Sachs lowered comp estimates and its price target on Neutral-rated Chipotle Mexican Grill (NYSE: CMG) to $395.00 (from $445.00) on a slowing Chiptopia benefit.

Analyst Karen Holthouse notes that while Chiptopia did drive increased web/app traffic in July, search trends continue to show a sharp drop-off in August.

"Given signs of a reduced benefit from Chiptopia in August, we trim our F4Q comp estimate to down 21.4% from down 18.4% and versus consensus of down 17.7%. We are also trimming the recovery momentum in forward estimates and now forecast a down 5.0% comp in 4Q."

The firm reduces 2016/2018 EPS estimates by 20-38% to $2.26/$7.65/$12.08, respectively.

For an analyst ratings summary and ratings history on Chipotle Mexican Grill click here. For more ratings news on Chipotle Mexican Grill click here.

Shares of Chipotle Mexican Grill closed at $400.42 yesterday.

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