Chipotle price target lowered to $59 from $60 at Piper Sandler

Piper Sandler lowered the firm’s price target on Chipotle (CMG) to $59 from $60 and keeps a Neutral rating on the shares following quarterly results. For the quarter, the firm notes that the same-store sales result of +5.4% was in-line with consensus and its sense of investor expectations. In the release, CMG provided its initial 2025 same-store sales guidance of low to mid-single digit, which was as expected, but the nuance comes from some of the commentary given on the call. Specifically, management shared that transactions in January were down about 2%, with weather and calendar shifts having a negative impact, Piper adds.