Chipotle Mexican Grill (CMG) PT Lowered to $32 at Jefferies

Jefferies analyst Andy Barish lowered the price target on Chipotle Mexican Grill (NYSE: CMG) to $32.00 (from $36.00) while maintaining a Hold rating.

The analyst comments "3Q SSS 2.1% beat Cons 1.5% w/higher revs, but RLM miss & higher G&A drove EBITDA/EPS below Street. SSS softened in Oct, but appears to have stabilized more recently with reiterated LSD% FY guide contemplating a ramp through YE. Puts/takes around margin leads to another seq. step down in 4Q, although with pricing now caught up vs inflation, adds some visibility into expansion in '27. We lower our ests and Reit Hold, PT to $32."

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