Chipotle Mexican Grill (CMG) PT Lowered to $500 at RBC Capital; Rebuilding Starts
RBC Capital analyst David Palmer reiterated an Outperform rating but lowered estimates and his price target on Chipotle Mexican Grill (NYSE: CMG) to $500.00 (from $550.00) to account for recurring supply chain investments and stepped up marketing expenditures.
"While January trends were disheartening, we believe the CDC "closure" and the company's promotional efforts will ultimately help Chipotle rebuild trust with its core customer," Palmer said.
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Shares of Chipotle Mexican Grill closed at $475.67 yesterday.