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UPDATE: Citigroup Lowers PT on Chipotle Mexican Grill to $337

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Citigroup published a research report on Chipotle Mexican Grill (NYSE: CMG) and lowered the price target from $345 to $337 with a maintained Buy rating.

In the report, Citigroup wrote, "Given solid traffic trends, lack of pricing has been weighing on SSS. In 1H12, the co benefitted from nearly 5% pricing growth, which drove half of the total ~10% SSS growth in 1H. 2H12 pricing was about 1%, resulting in a softer total SSS of ~4% in 2H. As it stands, no price increases are planned, but CMG mentioned the likelihood is now higher and they'll consider an increase mid-year. We believe the company still has pricing power, so if a price increase was successfully implemented, there is potential for mid to high single digit SSS growth. Catering opp may also be a solid SSS driver."

Chipotle Mexican Grill closed Wednesday at $280.94 and is currently up 3.55 percent.

Latest Ratings for CMG

DateFirmActionFromTo
May 2015Deutsche BankInitiates Coverage onHold
May 2015Miller TabekUpgradesHoldBuy
May 2015BMO CapitalUpgradesMarket PerformOutperform

View More Analyst Ratings for CMG
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Price Target Analyst Ratings

 

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