Citi analyst Jon Tower lowered the firm’s price target on Chipotle (CMG) to $69 from $70 and keeps a Buy rating on the shares as part of a Q4 earnings preview. Investors appear concerned about one-year comps slowing into year-end and Q1 to-date, which is likely due to holiday shifts and weather rather than underlying demand weakening, the analyst tells investors in a research note. In addition, Citi sees Chipotle offering its avocado tariff exposure with pricing should this prove a more permanent headwind.
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