Evercore ISI Group Cuts CMG Price Target to $40
Key Points
- Evercore ISI Group maintained its Outperform rating on Chipotle Mexican Grill, Inc. (CMG) on October 23, 2026, adjusting its price target down to $40.00 from $47.00.
- Evercore ISI Group's $40 price target implies 45.99% upside from Chipotle Mexican Grill, Inc.'s ($CMG) current $27.40 share price.
- The restaurant chain reported trailing-twelve-month revenue of $12.42 billion alongside earnings of $1.09 per share, with its next earnings report scheduled for October 28, 2026.
- Wall Street maintains a consensus buy rating on the stock alongside a mean price target of $42.39 across 31 analyst opinions.
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Evercore ISI Group maintained its Outperform rating on Chipotle Mexican Grill, Inc. (CMG) on October 23, 2026, while lowering its price target to $40.00 from $47.00. The research note arrived alongside a wave of target adjustments from other major Wall Street firms as analysts re-evaluate the restaurant operator ahead of its upcoming financial results.
CMG
Chipotle Mexican Grill, Inc.
Evercore ISI Group vs. the S&P 500
Hypothetical returns from Evercore ISI Group's disclosed trades, not real profit or advice. How we model this.
Evercore ISI Group's Call on Chipotle Mexican Grill, Inc.
Evercore ISI Group kept its positive stance on the burrito chain even as it trimmed expectations. The firm's new price target of $40.00 is down from $47.00 previously. This update follows a flurry of similar target cuts across the street, including Mizuho reaffirming an Outperform rating while reducing its target from $43.00 to $37.00 on October 23, 2026. Earlier in the week, TD Cowen downgraded the stock to Hold with a $32.00 target on October 21, 2026, while Wells Fargo maintained its Overweight rating and moved its target from $45.00 down to $40.00 on the same day. Citigroup also maintained a Buy rating on October 19, 2026, shifting its target from $45.00 to $43.00.
Other Institutional Activity in Chipotle Mexican Grill, Inc.
Large institutional players have also adjusted their positions in the restaurant operator recently. Capital International Investors held 30,126,283 shares worth about $847.75 million after reducing its holdings by 12,678,893 shares, or 29.6%, in its report ended June 30, 2026. Meanwhile, Parnassus Investments sold out of its entire position of 1,286,063 shares during the third quarter.
Chipotle Mexican Grill, Inc. Stock Down 2.6%
The shares recently traded around $27.52 as of October 23, 2026, sitting below the closing price of $28.14 recorded on October 22, 2026. The stock is currently positioned well below its 50-day moving average of $33.62 and its 200-day moving average of $34.37. It trades near its 52-week low of $27.82, down substantially from its 52-week high of $42.19.
$CMG price target
Chipotle Mexican Grill, Inc. daily closes and this analyst's $40 target. Not advice.
Recent Earnings
Chipotle Mexican Grill, Inc. reported trailing-twelve-month revenue of $12.42 billion and earnings of $1.09 per share. Profitability metrics include a net profit margin of 11.4% and a return on equity of 49.6%, alongside year-over-year revenue growth of 9.3%. The company's next earnings report is scheduled for October 28, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
3 target cuts vs 2 raises.
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EPS & revenue
EPS met estimates. Revenue met estimates.
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Profit surprise
EBITDA met by 0 percent. Operating income met by 1 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
1 upgrade, 2 target raises, 3 target cuts.
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Earnings quality
Gross margin up 42.2 points. Operating margin down 4.3 points. Positive free cash flow.
Earnings Call Summary
Chipotle reported first-quarter revenue of $3.1 billion, up seven point four percent year over year, with comparable sales growing zero point five percent driven by positive transaction growth. The company benefited from menu innovations including high-protein offerings, Chicken Al Pastor and cilantro-lime sauce, which together contributed meaningful sales lift. Management highlighted strong momentum continuing into April fueled by the new rewards program launch and menu innovation, while noting that the high-efficiency equipment rollout across now over 600 restaurants is generating hundreds of basis points of comparable sales outperformance in those locations.
Guidance Management reaffirmed their full-year comparable sales guidance at about flat but guided the second quarter toward positive one percent comparable sales growth. They expect continued pressure on restaurant margins from ingredient inflation in the second quarter but anticipate that pressure to ease in the second half of the year.
Negative report. Results or guidance disappointed and expectations are likely to move lower.
Insider Buying and Selling at Chipotle Mexican Grill, Inc.
Company insiders executed several transactions prior to the recent analyst updates. President Curtis Evander Garner III sold 61,077 shares on February 6, 2026, at an average price of $40.01 for a total value of $2,443,856. Director Patricia D. Fili-Krushel sold 3,350 shares on February 24, 2026, at $36.58 per share for a total value of $122,543. Later, officer Matthew R. Bush sold 2,675 shares on August 21, 2026, at an average price of $35.75 for $95,631.
Analysts Set New Price Targets
Wall Street analysts maintain a consensus buy rating on the stock with a mean price target of $42.39 based on 31 analyst opinions. Targets range from a high of $53.00 down to a low of $32.00.
About Chipotle Mexican Grill, Inc.
Headquartered in Newport Beach, California, Chipotle Mexican Grill, Inc. operates fast-casual restaurants serving burritos, tacos, bowls, and salads made with responsibly raised meats. The company employs roughly 140,000 workers across its restaurant network.
Bottom Line
Investors will look to the upcoming earnings report on October 28, 2026, for further clarity on restaurant traffic and profit margins. Wall Street sentiment remains generally positive despite recent target reductions across multiple research firms.
Related Filing Alerts
Source: Evercore ISI Group's rating change on $CMG (Oct 23, 2026). Written by software, not financial advice. How we make alerts