Chipotle Mexican Grill (CMG) shares are slipping on Wednesday after a senior TD Cowen analyst questioned whether the burrito chain’s sales recovery can meet Street expectations. In his report this morning, Andrew Charles downgraded CMG stock to “Hold” and lowered his price target to $32, which nevertheless signals potential upside of more than 10% from current levels.
The bearish call is still significant given Chipotle stock has already been a disappointment in 2026, currently down about 25% versus the start of this year.