Bernstein Reiterates ‘Outperform’ Rating on Chipotle Mexican Grill (CMG), Reduces PT from $50 to $40

Chipotle Mexican Grill, Inc. (NYSE:CMG) is one of the best restaurant stocks to buy now.

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On January 5, 2026, Chipotle Mexican Grill, Inc. (NYSE:CMG) was revisited by Bernstein, with the firm reiterating its “Outperform” rating but reducing its price target from $50 to $40. This comes amid the firm’s cautious near-term view on U.S. restaurant traffic. The firm says it is entering 2026 with a more realistic stance. It expects any recovery in consumer demand to be gradual following multiple confidence shocks in 2025. Last year was marked by macro and tariff uncertainty, DOGE-imposed federal cuts, tighter migration policies affecting the Hispanic population, and the longest U.S. government shutdown on record. The firm does not expect a drastic rebound in discretionary spending. However, it highlighted potential catalysts emerging in spring 2026, including the passage of a new Tax Bill and demand surge driven by the upcoming Soccer World Cup in the U.S. The soccer event with a global audience is expected to help support traffic and sales momentum.

Meanwhile, a more tactical perspective was shared by Mizuho on January 2, 2026. While raising its price from $34 to $36 and reiterating a “Neutral” rating, the firm said Chipotle Mexican Grill, Inc. (NYSE:CMG) is “appropriately” leaning into pricing and promotions to drive transaction growth. Although this strategy lowers risk to Q4 same-store sales growth, it heightens pressure on restaurant-level margins. According to the firm, the stock’s current valuation correctly reflects the company’s latest long-term EBITDA growth outlook of mid-teens.

Chipotle Mexican Grill, Inc. (NYSE:CMG) operates a fast-casual restaurant platform specializing in burritos, burrito bowls, quesadillas, tacos, and salads.

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