Queso Performance For Chipotle Said To Be 'Underwhelming'

The survey found that only 15 percent of all orders included queso, less than half of the approximate 40 percent of orders that include guacamole. In addition, two-thirds of the orders included queso as an entree add-on, which represents a negative mix shift compared to guacamole.

Regardless, after the initial trial period, queso contributions will begin to moderate as is the case in any new product launch, the analyst added.

Bottom line, investors should consider lowering their expectations on Chipotle's ability to be successful in product innovations as a tool to drive sales. To date, the company yet to "establish a track record of developing and implementing successful new products."