These Analysts Revise Their Forecasts On Chipotle After Q2 Results

Chipotle Mexican Grill, Inc. CMG missed revenue estimates for the second quarter.

Chipotle said second-quarter revenue increased 13.6% year-over-year to $2.51 billion, which missed the consensus estimate of $2.53 billion. The company reported quarterly earnings of $12.65 per share, which beat analyst estimates of $12.31 per share.

Chipotle said it expects third-quarter comparable restaurant sales growth to be in the low to mid-single-digit range. Full-year comparable restaurant sales growth is expected to be in the mid to high-single-digit range.

Chipotle shares fell 8.3% to $1,915.00 in pre-market trading.

These analysts made changes to their price targets on Chipotle following earnings announcement.

• Keybanc cut the price target on Chipotle from $2,300 to $2,200. Keybanc analyst Eric Gonzalez maintained an Overweight rating.
• TD Cowen slashed the price target on Chipotle from $2,350 to $2,200. TD Cowen analyst Andrew Charles maintained an Outperform rating.
• Wedbush lowered Chipotle price target from $2,300 to $2,200. Wedbush analyst Nick Setyan maintained an Outperform rating.
• Barclays raised Chipotle price target from $1,885 to $1,950. Barclays analyst Jeffrey Bernstein maintained the stock with an Equal-Weight rating.

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