What's Going On With Chipotle Stock Today?

Chipotle Mexican Grill Inc CMG shares are down nearly 5% Wednesday morning after the fast-casual restaurant chain company reported worse-than-expected financial results, missing estimates on both the top and bottom lines for the first time in several years. 

• Q4 Revenue: $2.18 billion missed estimates of $2.23 billion
• Q4 EPS: $8.29 missed estimates of $8.90

Comparable restaurant sales increased 5.6% year-over-year. In-restaurant sales increased by 17.5%, and digital sales represented 37.4% of food and beverage revenue.

"We delivered strong growth in 2022, expanding average unit volumes and restaurant level margin, while opening the highest number of new restaurants in six years, despite facing a challenging and fluid macro environment," said Brian Niccol, chairman and CEO of Chipotle. 

Chipotle opened 100 new restaurants during the quarter and expects to open between 255 and 285 new restaurants in 2023. Based on January comps growth in the low double-digits, the company said it expects first-quarter comparable restaurant sales growth in the high single-digits.

See Also: Why Capri Holdings Stock Is Plunging Wednesday

Analyst Assessment: Several analysts also adjusted price targets on the stock following the company's quarterly results.

• Keybanc analyst Eric Gonzalez maintained Chipotle with an Overweight and lowered the price target from $1800 to $1780.
• Cowen & Co. analyst Andrew Charles maintained Chipotle with an Outperform and raised the price target from $1950 to $2050.
• Wedbush analyst Nick Setyan maintained Chipotle with an Outperform and raised the price target from $1800 to $2080.
• Barclays analyst Jeffrey Bernstein maintained Chipotle with an Equal-Weight and raised the price target from $1450 to $1550.
• Wells Fargo analyst Zachary Fadem maintained Chipotle with an Overweight and raised the price target from $1800 to $1900.
• BMO Capital analyst Andrew Strelzik maintained Chipotle with a Market Perform and raised the price target from $1600 to $1800.

CMG Price Action: Chipotle has a 52-week high of $1,754.56 and a 52-week low of $1,196.28.

The stock was down 4.97% at $1,637.32 at time of publication, according to Benzinga Pro.

Photo: courtesy of Chipotle.