Last week, the stock of US‑based Chipotle Mexican Grill (Chipotle) experienced a sharp decline in price. According to an analysis released by TD Cowen, the company lowered its target price from $44 to $32. The decision reflected uncertainty about sales for October and the likelihood of a Q4 recovery.
Analyst Andrew Chis of TD Cowen said that “October sales are unlikely to recover in Q4,” indicating a bearish outlook on the stock. This view is not an official statement by the company, but rather an analyst’s opinion. While UBS and Lehman continued to rate the shares as “buy” or “hold,” TD Cowen adopted a more cautious stance.
Chipotle announced its results for the second quarter of 2026, reporting revenue of $3.3 billion (approximately KRW 4.3725 trillion), which represents a 9.3% increase over the same period last year. Comparable sales rose by 2.2%, and both the number of store transactions and average unit price increased by 1.0% and 1.2%, respectively. However, operating margin for Q2 fell to 15.7% from 18.2% in the corresponding quarter a year earlier, a drop of 2.5 percentage points. Earnings per share remained unchanged at $0.32, with revenue growth and expansion of new stores contributing to the results.
Chipotle will announce its Q3 results on October 29 at 05:10 am KST, and at that time it will explain the business status for Q4 through a conference call.