UPDATE: Credit Suisse Downgrades Chipotle Mexican Grill

According to a research report published this morning, Credit Suisse has downgraded Chipotle Mexican Grill

from Outperform to Neutral. In the report, Credit Suisse said, "We believe CMG remains one of the best growth stories in consumer, and 25%-plus EPS growth remains a tailwind to the share price. However, we see less near-term opportunity for positive EPS revisions to serve as a catalyst, and also believe slowing 2-year comp momentum limits room for multiple expansion, if not raises the risk of some multiple compression. As such, we believe a Neutral rating is more appropriate at this time." Credit Suisse maintains its $450 PT on Chipotle Mexican Grill, which closed yesterday at $417.24.