Wells Fargo Cuts Chipotle Mexican Grill (CMG) Price Target to $40
Key Points
- Wells Fargo maintained its Overweight rating on Chipotle Mexican Grill, Inc. on October 21, 2026, while lowering its price target from $45.00 to $40.00.
- Wells Fargo's $40 price target implies 41.07% upside from Chipotle Mexican Grill, Inc.'s ($CMG) current $28.36 share price.
- The stock recently traded around $28.36, down about 33.6% from its 52-week high, with its next earnings report scheduled for October 28, 2026.
- Capital International Investors held 30,126,283 shares worth about $847.9 million following a reduction in its position.
Get Chipotle Mexican Grill text alerts
We text you when insiders, Congress, analysts or big funds move on $CMG.
By entering your mobile number and tapping the sign-up button, you provide express written consent to receive recurring automated text messages from TradeTexts at that number, including stock alerts about SEC filings, insider and congress trades, analyst ratings, hedge fund moves, and earnings results. Consent is not a condition of any purchase. Message frequency varies. Messages are not investment advice. Message and data rates may apply. Reply HELP for help and STOP to opt out at any time. See our Terms and Privacy Policy.
Not investment advice. TradeTexts is not a registered investment adviser, and this automated Chipotle Mexican Grill, Inc. alert may contain errors. Disclosures
Wells Fargo maintained its Overweight rating on Chipotle Mexican Grill, Inc. (NYSE: CMG) on October 21, 2026, while lowering its price target from $45.00 to $40.00. The research note outlines the firm's forward-looking view on the restaurant operator as shares navigate recent market shifts.
CMG
Chipotle Mexican Grill, Inc.
Wells Fargo vs. the S&P 500
Hypothetical returns from Wells Fargo's disclosed trades, not real profit or advice. How we model this.
Wells Fargo's Call on Chipotle Mexican Grill, Inc.
On October 21, 2026, Wells Fargo kept its Overweight rating on the stock while trimming its price target down to $40.00 from $45.00. Other firms have also adjusted their outlooks recently. On October 15, Morgan Stanley maintained an Equal-Weight rating and lifted its target to $40.00. Raymond James kept an Outperform rating on October 16 while lowering its target to $37.00. Citigroup maintained a Buy rating on October 19 and moved its target to $43.00 from $45.00. Meanwhile, TD Cowen downgraded the stock to Hold on October 21, cutting its target to $32.00 from $44.00. Across Wall Street, the stock holds a consensus buy rating with a mean price target of $43.29 drawn from 31 analyst opinions.
Other Institutional Activity in Chipotle Mexican Grill, Inc.
Capital International Investors reduced its holdings by 12,678,893 shares, ending the period covered with 30,126,283 shares valued at about $847.9 million.
Chipotle Mexican Grill, Inc. Stock Down 5.1%
Chipotle Mexican Grill, Inc. closed at $28.15 on October 21, 2026, and recently traded around $28.36. The shares sit about 33.6% below their 52-week high of $42.74 and roughly 1.1% above their 52-week low of $28.04.
$CMG price target
Chipotle Mexican Grill, Inc. daily closes and this analyst's $40 target. Not advice.
Recent Earnings
Chipotle Mexican Grill, Inc. posted trailing twelve month revenue of $12.42 billion alongside diluted earnings of $1.09 per share. The company operates with a net profit margin of 11.4% and a return on equity of 49.6%. Its next quarterly financial update is scheduled for October 28, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
-
Forward outlook
3 target cuts vs 2 raises.
-
EPS & revenue
EPS met estimates. Revenue met estimates.
-
Profit surprise
EBITDA met by 0 percent. Operating income met by 1 percent.
-
Pre-earnings setup
Expectations were about average.
-
Analyst signal
1 upgrade, 2 target raises, 3 target cuts.
-
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.
Insiders completed several transactions prior to the recent rating update. President Curtis Evander Garner III sold 61,077 shares on February 6, 2026. Director Patricia D Fili-Krushel sold 3,350 shares on February 24, 2026. Officer Matthew R Bush sold 2,675 shares on August 21, 2026.
About Chipotle Mexican Grill, Inc.
Chipotle Mexican Grill, Inc., headquartered in Newport Beach, California, owns and operates fast-casual restaurants. The company serves food and beverages, including burritos, bowls, tacos, and salads made with responsibly raised meats.
Bottom Line
Investors will look toward the company's upcoming earnings report on October 28, 2026, for further updates on financial performance. Analyst price targets and institutional shifts will continue to guide market sentiment in the near term.
Related Filing Alerts
Source: Wells Fargo's rating change on $CMG (Oct 21, 2026). Written by software, not financial advice. How we make alerts