Jefferies Slashes PT, Estimates on Chipotle Mexican Grill (CMG)
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Jefferies analyst Andy Barish reiterated his Underperform rating and cut the price target on Chipotle Mexican Grill (NYSE: CMG) to $300.00 (from $330.00) following weak results.
Barish commented, "3Q results miss across all metrics. SSS still -20%ish in October before CMG laps last year food-safety issues. Since promo/food giveaways not really working, significant changes afoot to drive better '17. Guide points to high s-d sss and $10 EPS, but we can't get there. Estimates down this year and next and Price Target goes to $300 (from $330)."
The firm cut FY 2016 EPS from $2.85 to $1.51 and FY 2017 EPS from $9.42 to $8.01.
Shares of Chipotle Mexican Grill closed at $405.67 yesterday.
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