Chipotle Analysts Slash Their Forecasts After Q3 Results

Chipotle Mexican Grill, Inc. (NYSE:CMG) posted downbeat sales for the third quarter on Wednesday.

Chipotle Mexican Grill reported quarterly earnings of 29 cents per share, in line with the analyst consensus estimate. Quarterly revenue came in at $3 billion, which missed the analyst consensus estimate of $3.02 billion.

"While we continue to see persistent macroeconomic pressures, our extraordinary value proposition and brand strength remain strong," said Scott Boatwright, CEO of Chipotle.

Chipotle shares fell 16.9% to $33.04 in pre-market trading.

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

• TD Cowen analyst Andrew M. Charles maintained Chipotle with a Buy and lowered the price target from $45 to $40.
• BTIG analyst Peter Saleh maintained the stock with a Buy and cut the price target from $57 to $45.
• Mizuho analyst Nick Setyan maintained Chipotle with a Neutral and lowered the price target from $40 to $34.

Considering buying CMG stock? Here’s what analysts think:

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