UPDATE: Citigroup Downgrades Chipotle Mexican Grill to Hold on Macro Headwinds

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.