Chipotle Mexican Grill (CMG) Numbers Cut at Jefferies; Analyst Sees 'Normalizing Trends'

Jefferies analyst Andy Barish reiterated a Hold rating and trimmed estimates and his price target on Chipotle Mexican Grill (NYSE: CMG) to $680.00 (from $700.00). The analyst said normalizing trends should potentially hit valuation.

Barish commented, "3Q EPS misses our/Cons. expectations as in line SSS and lower commodity costs were offset by higher labor expense. 4Q and '16 SSS are expected to stay in a LSD range, below Cons. of +3.8% and +5.2%, respectively. Unit growth is expected to remain in a low DD range into '16, but with SSS in a LSD range and labor costs likely to continue to move upwards, RLMs are likely to be flattish to down. Our '15/16E EPS goes to $17.13/19.32 (fr $17.23/20.30)."

For an analyst ratings summary and ratings history on Chipotle Mexican Grill click here. For more ratings news on Chipotle Mexican Grill click here.

Shares of Chipotle Mexican Grill closed at $705.63 yesterday.

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