What's Going On With Chipotle Stock Monday?

Chipotle Mexican Grill, Inc. CMG shares are trending on Monday. Chipotle reported earnings last week on Wednesday and authorized a $400 million share buyback.

What Happened: Chipotle reported 2024 fiscal year second quarter earnings. The Mexican food company reported adjusted EPS at 34 cents beating analyst estimates of 32 cents and sales of $2.97 billion beating analyst estimates of $2.94 billion.

Following the earnings report and stock buyback announcement, the stock initially traded higher on Wednesday and into Thursday. It reached around $51.50 on Thursday morning before reversing later in the day. Currently, it is slightly lower than at the end of last week, at about $50.

Analyst Coverage: Multiple analysts issued price target adjustments following the earnings report and buyback announcement.

• Oppenheimer analyst Brian Bittner maintained Chipotle with an Outperform and lowered the price target from $70 to $65.
• Truist Securities analyst Jake Bartlett maintained Chipotle with a Buy and lowered the price target from $74 to $69.
• Goldman Sachs analyst Christine Cho maintained Chipotle with a Buy and lowered the price target from $74.6 to $67.
• BMO Capital analyst Andrew Strelzik maintained Chipotle with a Market Perform and lowered the price target from $57 to $55.
• Deutsche Bank analyst Lauren Silberman maintained Chipotle with a Buy and lowered the price target from $72 to $67.
• Evercore ISI Group analyst David Palmer maintained Chipotle with an Outperform and lowered the price target from $72 to $65.
• Loop Capital analyst Alton Stump maintained Chipotle with a Hold and lowered the price target from $58 to $53.
• Raymond James analyst Brian Vaccaro maintained Chipotle with an Outperform and lowered the price target from $70 to $62.5.
• Citigroup analyst Jon Tower maintained Chipotle with a Buy and lowered the price target from $71 to $69.
• Keybanc analyst Eric Gonzalez maintained Chipotle with an Overweight and lowered the price target from $68 to $66.
• Guggenheim analyst Gregory Francfort maintained Chipotle with a Neutral and lowered the price target from $55 to $54.

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CMG Price Action: Chipotle shares are trading 2.35% higher at $51, according to data from Benzinga Pro.

Image: Photo via Shutterstock.