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