Chipotle price target lowered to $65 from $66 at Stephens

Stephens lowered the firm’s price target on Chipotle (CMG) to $65 from $66 and keeps an Equal Weight rating on the shares after “mixed” Q3 results that included a modest miss on same-store sales, offset by strong unit development. The outperformers in the restaurant industry have been propelled by durable above industry traffic growth, and the firm believes Chipotle has “one of the clearest lines of sight (in restaurants) to delivering positive traffic” for Q4 and FY25, but also believes the above industry traffic is already baked into the current stock price.