On Oct 30, major Wall Street analysts update their ratings for $Chipotle Mexican Grill (CMG.US)$, with price targets ranging from $65 to $72.
Morgan Stanley analyst Brian Harbour maintains with a hold rating, and maintains the target price at $65.
Citi analyst Jon Tower maintains with a buy rating, and adjusts the target price from $71 to $70.
Wells Fargo analyst Zachary Fadem maintains with a buy rating, and adjusts the target price from $66 to $67.
TD Cowen analyst Andrew Charles maintains with a buy rating, and maintains the target price at $68.
Baird analyst David Tarantino maintains with a buy rating, and adjusts the target price from $62 to $70.
Furthermore, according to the comprehensive report, the opinions of $Chipotle Mexican Grill (CMG.US)$'s main analysts recently are as follows:
Concerns surrounding Chipotle's Q3 outcomes seem to be minimal. The company's positive remarks on its momentum throughout the quarter and prospects for Q4, along with the anticipated multi-year advantages from efficiency improvements and sustained investment in technology, are expected to contribute to an uptrend in same-store sales and a reduction in long-term cost metrics over time.
Chipotle's Q4 comparable sales matched expectations, and earnings slightly exceeded them. Despite this, concerns have arisen due to the challenging comparison with Q4 and the lapping of prices without a corresponding increase, as well as the restrained growth projections for new units in 2025 compared to the long-term guidance, leading to a cautious stance among investors.
Chipotle's Q3 earnings surpassed estimates with favorable outcomes in general and administrative expenses, restaurant margins, and taxes, which balanced the somewhat weaker growth in same-store sales. Additionally, the company experienced an uptick in traffic trends during September and October. However, the moderation in pricing indicates that the slower trend in comparative store growth observed in Q3 is continuing into Q4.
The firm has increased its estimates and asserts that the fourth quarter same-store sales forecast of 5%-5.5% is attainable, with the possibility of a price hike serving as a backup plan.
Chipotle's third-quarter earnings exceeded the consensus, yet its comparable sales growth of 6% did not meet the anticipated 6.5%. Management anticipates a slight uptick in transaction growth in the fourth quarter compared to the third, with pricing projected to increase just over 1% for the current quarter.
Here are the latest investment ratings and price targets for $Chipotle Mexican Grill (CMG.US)$ from 11 analysts:
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