Chipotle Stock Target Cut To $340 At Deutsche Bank

By Jennifer BootonMarketsMarketWatch Pulse

Shares of Chipotle Mexican Grill Inc. ticked lower in premarket trade Monday after Deutsche Bank cut the stock's 12-month price target to $340 from $360 and reiterated a sell rating. Analyst Brett Levy said the reduced target reflects a loss in customers - some of which "may be lost for good" - and other issues that may continue to weigh on average unit volume. AUV has experienced a "dramatic sales decline" over the last year amid the E. Coli outbreak. The stock dipped 0.8% to $401.88 in early-morning trade. It is down more than 20% over the last three months, versus a 4% improvement for the S&P 500. The average rating on the stock is the equivalent to hold, while the median price target among a poll of nearly 20 analysts is $459.76, according to FactSet.

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