Chipotle Mexican Grill (CMG) PT Lowered to $44 at Piper Sandler

Piper Sandler analyst Brian Mullan lowered the price target on Chipotle Mexican Grill (NYSE: CMG) to $44.00 (from $47.00) while maintaining an Overweight rating.

The analyst commented: "This evening, post close, CMG reported its 4Q25 results and hosted its call. While the 4Q25 SSS result of down 2.5% was right in-line with our sense of investor expectations, CMG’s initial guidance for FY2026e SSS of “about flat” came in below. On the call, management indicated that 1Q26e SSS will likely be in the down 1 to 2% range; and should then get progressively better throughout the year. While there will likely be some mini-debate on the degree of conservatism embedded here (or the lack thereof), regardless, the top-line guide was a disappointment, and we think also speaks to the idea that underlying restaurant industry demand has not gotten better; at least not yet. Related to all of this, CMG plans to underprice expense inflation this year; which we think is wise as it pertains to future traffic but which has RLM implications as far as estimate revisions go."

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