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CMG

Chipotle

09:21
01/11/17
01/11
09:21
01/11/17
09:21

Morgan Stanley says Chipotle rally may be overreaction, misinterpretation

Morgan Stanley analyst John Glass said the positive response in Chipotle shares yesterday after the company reported positive comps for the month of December may be an example of the market "overreacting and misinterpreting" the data, arguing that on two-year stack basis that the data actually showed a worsening two-year trend in December and early January. Glass lowered his FY17 EPS estimate to $7.83 from $8.95 due to the impact of labor costs on margins and keeps an Equal Weight rating and $405 price target on Chipotle shares.

  • 02

    Feb

CMG Chipotle

01/10/17
RAJA
01/10/17
NO CHANGE
RAJA
Underperform
Chipotle weak trends reflect permanent change in consumers, says Raymond James
Raymond James analyst Brian Vaccaro said Chipotle's pre-announced Q4 comparable sales decline of 4.8% was below his estimate for a decline of 2% and consensus forecast for comps to be down 3.5%. The strength in shares may be attributable to short covering and perhaps a "surface level" read of a 14.7% comp gain in December, said Vaccaro, but he believes the "two-year stacked trend" of down 15% in December reflects a permanent change in consumer behavior. The analyst, who thinks the company's guidance seems aggressive, keeps an Underperform rating on Chipotle shares.
01/10/17
LEHM
01/10/17
NO CHANGE
Target $405
LEHM
Equal Weight
Chipotle standing by 2017 'stretch' goals, says Barclays
After speaking with Chipotle management at the ICR Conference, Barclays analyst Jeffrey Bernstein noted they are standing by their 2017 guidance, which he said has always been viewed as a "stretch." For January month-to-date, the company pointed to a 16.4% comp sales gain in week one, lapping a 32% decline last year, adding up to a "similar" two-year trend to December, added Bernstein, who keeps an Equal Weight rating and $405 price target on Chipotle shares.
01/11/17
JEFF
01/11/17
NO CHANGE
Target $300
JEFF
Underperform
Chipotle may need to lower 2017 guidance, says Jefferies
Jefferies analyst Andy Barish notes that Chipotle Mexican Grill yesterday gave no update on its 2017 guidance after reporting weaker than expected preliminary results for Q4. In a research note titled "4Q Downside Pre-Report Not Surprising; 2017 Guide May Need to Be Revised Too!," Barish reiterates an Underperform rating on Chipotle with a $300 price target. The analyst points out that his 2017 estimates for the company remain below consensus.
01/11/17
MAXM
01/11/17
NO CHANGE
Target $280
MAXM
Sell
Maxim says 'too early to get optimistic' on Chipotle
Maxim analyst Stephen Anderson noted that after pre-announcing a 4.8% comparable sales decline in Q4, Chipotle management noted that comps turned positive in December. However, he argues the "two-year stacked" comp for this December and last is consistent with a comp trends in the negative high teens and he still has concerns about the company's ability to reach its 2017 guidance. Anderson keeps his Sell rating and $280 price target on Chipotle shares.

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