Chipotle Mexican Grill (CMG) Cut to $330 at Jefferies

Jefferies analyst Andy Barish reiterated an Underperform rating and lowered his price target on Chipotle Mexican Grill (NYSE: CMG) to $330.00 (from $350.00) following Q2 results with SSS progress slow.

Barish commented, "2Q sss missed expectations again as the improvement in sss is coming more slowly than expected, pointing to competitive issues, in our view, beyond the food safety concerns, as the entire industry, including fast-casual, has seen slower sales trends. Early 3Q promo-driven improvements not enough, from our perspective. We tweak estimates up this year (still low-end) and down next (well below) and Price Target goes to $330 (from $350)."

FY 2016 EPS goes from $1.43 to $2.85 and FY 2017 EPS from $9.88 to $9.42.

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 $418.07 yesterday.

You May Also Be Interested In

• Citi Upgrades United Microelectronics Corp (2303:TT) (UMC) to Buy 'with limited downside'
• Citi Upgrades Sirius XM Radio (SIRI) to Neutral, 'risk-reward is balanced at prevailing levels'
• Summit Insights Downgrades Silicon Labs (SLAB) to Hold, 'expect its stock to be an inline performer'