Mizuho Cuts Chipotle Mexican Grill (CMG) Price Target to $37
Key Points
- Mizuho reiterated its Outperform rating on Chipotle Mexican Grill, Inc. on October 23, 2026, while lowering its price target from $43.0 to $37.0.
- Mizuho's $37 price target implies 31.53% upside from Chipotle Mexican Grill, Inc.'s ($CMG) current $28.13 share price.
- The restaurant chain reported $12.42 billion in trailing twelve month revenue alongside an EPS of $1.09, with its next earnings report scheduled for October 28, 2026.
- The stock recently traded around $28.13, sitting below its 50-day moving average as Wall Street adjusts expectations ahead of the upcoming earnings release.
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Mizuho reiterated its Outperform rating on Chipotle Mexican Grill, Inc. (CMG) on October 23, 2026, while lowering its price target to $37.0 from $43.0. According to the research note released on the same day, the firm kept its positive stance on the burrito chain even as it pulled back its twelve-month target. The update follows a series of recent adjustments across Wall Street firms covering the restaurant operator.
CMG
Chipotle Mexican Grill, Inc.
Mizuho vs. the S&P 500
Hypothetical returns from Mizuho's disclosed trades, not real profit or advice. How we model this.
Mizuho's Call on Chipotle Mexican Grill, Inc.
On October 23, 2026, Mizuho maintained its Outperform rating on Chipotle Mexican Grill, Inc., moving its price target down to $37.0 from $43.0. The firm's updated outlook comes as the restaurant operator navigates shifting market conditions and prepares for its upcoming financial report.
Other Institutional Activity in Chipotle Mexican Grill, Inc.
Institutional investors have been adjusting their positions in the burrito maker recently. Parnassus Investments sold out of its entire position, unloading 1,286,063 shares. Meanwhile, Capital International Investors trimmed its stake by 1,267,889 shares, or 29.6%, ending the period with 30,126,283 shares valued at about $847,753,585.
Chipotle Mexican Grill, Inc. Stock Holds Steady
Chipotle Mexican Grill, Inc. shares recently traded around $28.13 on October 23, 2026, matching the previous close of $28.14 on October 22, 2026. The stock sits below its 50-day moving average of $33.71 and remains under its 200-day moving average of $34.42. The share price is closer to its 52-week low of $27.87 than its 52-week high of $42.38.
$CMG price target
Chipotle Mexican Grill, Inc. daily closes and this analyst's $37 target. Not advice.
Recent Earnings
Chipotle Mexican Grill, Inc. generated trailing twelve month revenue of $12,423,758,848 with a trailing earnings per share of $1.09. The company posted a year-over-year revenue growth rate of 9.3% and a net profit margin of 11.4%. Investors can look toward the next earnings release scheduled for October 28, 2026, to get fresh details on financial performance.
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 have completed several transactions over recent months. Curtis Evander Garner III sold 61,077 shares on February 6, 2026, at a price of $40.01 for a total value of $2,443,856. Patricia D Fili-Krushel sold 3,350 shares on February 24, 2026, at $36.58 per share, totaling $122,543. Matthew R Bush sold 2,675 shares on August 21, 2026, at $35.75 per share, worth $95,631.
Analysts Set New Price Targets
Several research firms updated their views ahead of Mizuho's note. Raymond James maintained an Outperform rating on October 16, 2026, lowering its target to $37.0 from $42.5. Citigroup maintained a Buy rating on October 19, 2026, moving its target to $43.0 from $45.0. Wells Fargo maintained an Overweight rating on October 21, 2026, adjusting its target to $40.0 from $45.0. TD Cowen downgraded the stock to Hold on October 21, 2026, cutting its target to $32.0 from $44.0. Across the wider analyst community, the stock holds a consensus buy rating with a mean price target of $42.71 based on 31 opinions.
About Chipotle Mexican Grill, Inc.
Headquartered in Newport Beach, California, Chipotle Mexican Grill, Inc. operates its namesake fast-casual restaurant chain across the United States and international markets. The company prepares fresh Mexican-style food items, including burritos, bowls, tacos, and salads, utilizing responsibly raised meats. With approximately 140,000 employees, the firm focuses on fresh ingredients and quick-service efficiency.
Bottom Line
Mizuho's decision to keep its Outperform rating while lowering its target highlights a cautious adjustment among major Wall Street firms. Investors will watch the upcoming earnings report on October 28, 2026, for fresh signals on consumer demand and margin trends.
Related Filing Alerts
Source: Mizuho's rating change on $CMG (Oct 23, 2026). Written by software, not financial advice. How we make alerts