Shares in Chipotle Mexican Grill Inc. were downgraded this week by an analyst who cited poor results from a consumer survey.
Cowen & Co. analyst Andrew Charles downgraded the Denver Mexican restaurant chain (NYSE: CMG), cutting the company's price target from $370 to $250.
Charles cited the restaurant's poor results in a proprietary consumer survey for the downgrade, according to CNBC.
"Proprietary survey data indicates Chipotle's quality and value perceptions remain near trough levels, leading us to believe the sales recovery will continue to trail investor expectations,. We are concerned upcoming efforts to drive sales are not enough to improve these measures and in turn will not drive upside to investor same store sales expectations," Charles wrote in a Friday note to investors.
Read more at the Denver Business Journal: http://bit.ly/2gPp9Ms