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

Citigroup published a research report on Chipotle Mexican Grill

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.