Shares of Chipotle Mexican Grill Inc. shed 2.3% in midday trade Monday, putting it on track to suffer a fifth-straight loss, after Nomura slashed his price target and sales outlook on the fast-casual restaurant chain. Analyst Mark Kalinowski, who rates the shares neutral, cut his stock price target to $372, which is nearly 6% below current levels, from $405. He lowered his third-quarter same-store sales forecast to decline of 19.5% from a 18.0% drop, and his earnings-per-share estimate to $1.60 from $1.90. "The company's third-quarter promotions--including but not limited to Chiptopia--do not appear to have had the desired effects from the company's perspective," Kalinowski wrote in a note to clients. For the fourth quarter, Kalinowski lowered his same-store sales outlook to a decline of 3% from a decline of 2% and his EPS forecast to $2.00 from $2.15. The stock has tumbled 9.8% during its current losing streak to put it on track close at a two-month low. The stock has tumbled 18% year to date, while the S&P 500 has gained 4.2%.
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