Chipotle Mexican Grill (CMG) Numbers Cut at Goldman Sachs on Reduced Chiptopia Benefit
- Wall Street flat as banks gain, utilities drag
- Equinix (EQIX) Announces $3.6B Acquisition of Data Center Portfolio from Verzion (VZ)
- Deal Progress Said to Slow as Johnson & Johnson (JNJ) Puts Actelion (ALIOY) Under Microscope - Source
- Trump Wants to Cancel New Air Force One Order with Boeing (BA)
- Roper Industries (ROP) to acquire Deltek in $2.8B Deal
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
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.
Shares of Chipotle Mexican Grill closed at $400.42 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Stifel Downgrades PennTex Midstream Partners, LP (PTXP) to Hold
- FBR Capital Raises Price Target on Matador Resources (MTDR) Following Announced Offerings
- UPDATE: Goldman Sachs Downgrades Marvell (MRVL) to Sell
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change, Hot Comments
Related EntitiesGoldman Sachs
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!