TD Cowen: 'We Are Incrementally Encouraged on Chipotle Mexican Grill (CMG) Shares'

TD Cowen analyst Andrew Charles reiterated a Buy rating and $44.00 price target on Chipotle Mexican Grill (NYSE: CMG).

The analyst commented: 'We are incrementally encouraged on CMG shares as we believe management took their medicine with a truly conservative stance to 2026 SSS guidance that was lacking in 2025's negative sales revisions that didn't provide enough room to beat. This was reinforced with improving monthly trends through 4Q and in Jan, even including the impact of Fern. Lowering 2026E & 2027E adj. EPS 3% & 1%.

In our view, value efforts will be handled delicately to avoid degrading the brand and a measure of last resort. We point to proprietary survey data that suggests a wide gap of outperformance vs. peers on both quality & value perceptions. At a minimum, we believe this includes requiring guests to be a part of the Chipotle Rewards loyalty program, which in turn provides Chipotle with rich data. Encouragingly, the protein menu is not driving mix erosion, perhaps aided by a 35% increase in double protein."

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 $39.17 yesterday.

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