Citi analyst Jon Tower lowered the price target on Chipotle Mexican Grill (NYSE: CMG) to $62.00 (from $68.00) while maintaining a Buy rating.

The analyst comments "We can understand why the bears may own the N/T narrative (mgmt. pegging 2H improvement to better macro/less lower-income blips when tariff threats to wallets loom); however, valuation (35x our NTM P/E, 1.5x the S&P - more than 2 std devs below the 5-yr avg): (1) likely keeps longer-duration investors interested, and (2) and can increasingly absorb a re-set lower in the L/T SSS potential. 2Q was also CMG toughest lap for 2024 share gains, and, even if there is the opportunity for more ownership of recent trends/urgency in tone, we believe it is indeed building/increasingly deploying a marketing/innovation toolbox that will drive growing confidence in a more stable SSS trajectory into 2H & beyond."