UBS on Chipotle Mexican Grill (CMG): 'Expect 4Q margin pressures, with continued commodities headwinds into '26'

UBS analyst Dennis Geiger reiterated a Buy rating and $45.00 price target on Chipotle Mexican Grill (NYSE: CMG).

The analyst comments "Expect 4Q margin pressures, with continued commodities headwinds into '26. We model 4Q restaurant margins (RLM) of 23.0% (cons. 23.1%) or -170 bps y/y, with pressure from challenged sales, marketing investment and beef costs, partially offset by operational efficiencies. Commodities inflation should be a margin headwind as pricing won't fully offset cost increases. We estimate '26 margins of 24.5% (in line with cons.) or -80 bps y/y, given our expectation for just limited pricing (1.1%) relative to +MSD cost inflation. We model 4Q EPS of $0.24 and '26 EPS of $1.20."

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 $40.87 yesterday.

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