CMG Stock Sees Slew Of Price Target Reductions Post Q3 Report – RBC Sees Upside To 2027 Comparable Sales

• Bernstein lowered its price target to $43 from $50 while maintaining an ‘Outperform’ rating, saying traffic recovery was gaining traction, supported by improving late-October trends and additional sales drivers.
• Chipotle kept its forecast for low-single-digit comparable-sales growth and plans to open 350–370 restaurants this year.
• According to Koyfin data, 12 of 35 analysts covering the stock rate it ‘Hold’, whereas 23 rate it ‘Buy’ or ‘Strong Buy’.

Chipotle (CMG) shares drew a slew of price target reductions following the company’s third-quarter results, even as some pointed to improving traffic trends and potential sales growth ahead.

According to The Fly, RBC Capital lowered its price target on Chipotle to $40 from $45 while maintaining an ‘Outperform’ rating. The firm said third-quarter comparable sales growth of 2.1% topped the 1.5% consensus estimate and sees potential upside to 2027 comparable sales, citing a 3%–4% exit rate and additional sales from catering.

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CMG shares traded 8% higher at the time of writing.

According to Koyfin data, 12 out of 35 analysts covering the stock rate it ‘Hold’, whereas 23 rate the stock ‘Buy’ or ‘Strong Buy’. Their 12-month price targets range from $32 to $53, with an average of $41.97.

Analysts Weigh Improving Traffic Against Softer October Trends

Bernstein lowered its price target to $43 from $50 while maintaining an ‘Outperform’ rating, saying traffic recovery was gaining traction, supported by improving late-October trends and additional sales drivers. It noted that continued pressure on the rewards-related mix tempered the firm’s fiscal 2027 comparable-sales outlook.

KeyBanc cut its price target to $40 from $42 while maintaining an ‘Overweight’ rating, according to The Fly. The firm said October trends had softened and Chipotle’s guidance appeared lighter than previously anticipated, despite better-than-expected third-quarter results.

Source: The Fly

Telsey Advisory lowered its price target to $40 from $48 while maintaining an ‘Outperform’ rating. The firm cited progress on Chipotle’s Recipe for Growth strategy, marketing efforts and operational improvements, alongside macroeconomic headwinds and the Cyclospora outbreak. Telsey said it viewed the risk-reward as favorable at current valuation levels, according to The Fly.

Freedom Capital also cut its price target to $35 from $39 and maintained a ‘Hold’ rating, describing the quarter as mixed and the risk-reward as balanced at current share levels, The Fly reported.

CMG Q3 Results At A Glance

Chipotle Mexican Grill (CMG) reported its third-quarter results on Wednesday after the market closed, with revenue rising 9.6% year over year to $3.29 billion, in line with analyst expectations. Adjusted earnings came in at $0.27 per share, below the $0.29 consensus estimate, according to Fiscal AI estimates.

For 2026, Chipotle maintained its outlook for comparable restaurant sales growth in the low-single-digit range and expects to open 350-370 restaurants, including 10-15 international partner-operated locations. Around 80% of new company-owned restaurants are expected to include a Chipotlane.

For 2027, the company expects to open 340-360 company-owned restaurants in the U.S. and Canada, as well as approximately 15-25 company-owned and partner-operated restaurants outside those markets.

How Retail Views CMG

Retail sentiment on Stocktwits was ‘neutral’ with ‘high’ message volumes. 

One Stocktwits user said they had added 13,000 shares of $CMG at approximately $30 and planned to buy another 17,000 shares.

CMG shares have dropped over 17% year-to-date.

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