Chipotle Mexican Grill, Inc. CMG shares are trading sharply lower in premarket following yesterday’s disappointing earnings report. Q4 comps were shy of both sell- and buy-side consensus.
Sanford Bernstein said that higher commodity costs will remain a “persistent headwind” through FY15, though Chipotle may offset those costs with higher prices in the second half of the year.
Bernstein reduced its FY15 EPS by 3% to $17.51, though note that this contains possible upside. The analysts rate Chipotle as an Outperform, with a price target of $750.
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