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Could Chipotle’s Price Correction Mean a Buying Opportunity?

Ralph Nathan
Updated
Could Chipotle’s Price Correction Mean a Buying Opportunity?

Chipotle Mexican Grill’s (CMG) strong second-quarter earnings and upgrade from Morgan Stanley boosted its stock to a 52-week high of $530.68 on August 16. The company’s stock fell due to Wedbush’s downgrade, Pershing Square Capital Management reducing its stake in Chipotle, and rising labor wages. On August 27, Wedbush downgraded Chipotle from “neutral” to “underperform” due to weaker-than-expected SSSG (same-store sales growth) since the beginning of the third quarter and increased pressure on the company’s margins.

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