- TD Cowen downgraded Chipotle to Hold, citing concerns about sales trends.
- TD Cowen says recent same-store sales benefited from creative campaigns, four annual limited-time protein offerings, value initiatives and a new chief marketing officer.
- The analyst expects these efforts to deliver stronger results in Q4 but argues growth becomes harder in 2027 as Chipotle laps those drivers and must rely on less-proven initiatives.
Quotes
“growth will become harder in 2027 as Chipotle laps those drivers and must rely on less-proven initiatives”