Chipotle price target lowered to $70 from $75 at Wells Fargo

Wells Fargo lowered the firm’s price target on Chipotle (CMG) to $70 from $75 and keeps an Overweight rating on the shares. The firm notes softer Q4 comps/RLM were expected and Q1 is off to a soft start. But with Honey Chicken in March, easing RLM headwinds and productivity/automation levers coming, Wells sees an improving catalyst path and attractive long-term entry point.