Chipotle Mexican Grill (CMG) PT Lowered to $48 at Deutsche Bank

Deutsche Bank analyst Lauren Silberman lowered the price target on Chipotle Mexican Grill (NYSE: CMG) to $48.00 (from $49.00) while maintaining a Buy rating.

The analyst comments "CMG delivered a largely in-line 4Q, though the focus coming out of the print will be on the 2026 guide for flat SSS, with debate around whether the guide is beatable (bulls) or reasonable (bears). Bulls are encouraged by underlying momentum in recent months, and see the 2026 guide for flat SSS as conservative with room for upside, noting compares ease through the year and CMG is embedding limited contribution from a more aggressive sales playbook, including 3-4 protein LTOs (vs 2 typically). We get the sense CMG is running down LSD QTD (positive before winter storm), and the 1Q SSS guide of down 1-2% assumes no benefit from next week's early launch of Chicken al Pastor (we model SSS slightly better at -0.8%, though see room for upside). Bears are more cautious on extrapolating January trends and question the magnitude of sustained momentum from the LTOs. We continue to believe CMG offers a favorable setup & catalyst path in 2026 and think the company took an appropriately conservative approach to its guide with room for beats on both SSS and margins, which should help improve credibility (and sentiment)."

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