Morgan Stanley has grown more cautious on fast-casual name Chipotle after its data showed waning traffic.
Morgan Stanley has grown more cautious on fast-casual name Chipotle after its data showed waning foot traffic. The firm downgraded shares from overweight to equal weight and cut its price target to $1,664 from $1,847 in a Tuesday note. That represents about 9% upside from where shares currently trade.
"We also assume mix runs negative for most of '23 with the shift back to dine in and potential softness in delivery or premium items/add-ons." Morgan Stanley's survey also had mixed results about Chipotle's value. "Customer affinity is still high, but value perception isn't off the charts," Harbour wrote. "We think CMG remains well-positioned, but it doesn't necessarily have an edge on value.
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