On May 29, JPMorgan revised its price target for Chipotle Mexican Grill, Inc. (NYSE:CMG) to $54, down from $58. The firm kept its Neutral rating on the stock. In a research note, the analysts said their decision is informed by findings from an analysis of the meeting with Chipotle’s financial leadership. The insights were augmented by a reevaluation of the company’s valuation model.
A close-up of a variety of restaurant dishes in a fast-casual setting.
According to the analysts, Chipotle’s stock has underperformed the broader market—it has dropped by 17% year-to-date while the S&P 500 has remained relatively stable. The fast-casual chain has also seen a 21% drop year-over-year, contrasting with the S&P 500’s 11% increase during the same period.
Despite this lackluster performance, JPMorgan remains Neutral on the stock. The analysts cite expectations for “a rebound in comparable store sales (comps) in the third quarter of 2025” and “continued positive sales traffic in the fourth quarter.” The investment firm’s updated price target is based on a Total Addressable Market (TAM) analysis with a December 2026 time horizon.
Chipotle Mexican Grill, Inc. is a fast-casual restaurant chain. It specializes in Mexican-inspired cuisine, including burritos, tacos, bowls, and salads. It operates over 3,500 locations across the United States, Canada, Europe, and the Middle East.
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