Citigroup reduced its rating on Chipotle Mexican Grill CMG from Buy to Hold and lowered its price target from $460 to $375.
Citigroup noted, "While most of CMG's troubles appear to be external, we see enough risks/headwinds to give us pause on what is otherwise a high-quality story w/significant runway for growth. Lower to Hold given macro overhang, signs that food infl. could re-emerge in coming qtrs., and less room to raise prices given softer traffic (not a good combination). Lowering PT to $375 from $460."
Chipotle Mexican Grill closed at $403.86 on Thursday.
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