Jefferies Slashes Chipotle Mexican (CMG) Price Target to $215 after Weak Q3, Outlook

Jefferies slashed its price target on Chipotle Mexican Grill (NYSE: CMG) from $305 to $215 following Q3 results and lackluster guidance.

The firm comments, "EPS $2.27 miss vs. cons $2.30 (JefCo $2.10) w/ SSS 4.8% vs. our 5%/cons 4.9%. Stock down on SSS guide for implied deceleration in 4Q & ’13, and potential for down margins next yr on slower sales & MSD food infl. Earnings visibility is low & we think Street ests need to come down. Our ‘12/13 EPS to $8.78/9.80 (fr. $8.61/$10.16)."

FY12 goes from $8.61 to $8.78, FY13 goes down from $10.16 to $9.80.

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 $285.93 yesterday.

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