Chipotle Mexican Grill (CMG) PT Lowered to $65 at TD Cowen

TD Cowen analyst Andrew Charles lowered the price target on Chipotle Mexican Grill (NYSE: CMG) to $65.00 (from $72.00) while maintaining a Buy rating.

The analyst commented: "We appreciate mgmt's attention to improving publicity surrounding portion sizes via operational changes at affected restaurants (10% of fleet) and margin investment to ensure more consistent portioning. We believe the issue can resolve and that 7% full year comps will be achieved, aided by demonstrable progress with 1H24 speed of service. We decrease 2024 EPS by $0.02 and decrease our PT to $65."

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