Chipotle: Expecting Better 2H Trends, Upgrading To Hold, Eyes On The Consumer

  • I'm upgrading Chipotle to a hold, as valuation has normalized and technicals have improved from bearish levels seen in 2024. Recent results were mixed: EPS slightly beat, but revenue and same-store sales missed; cost control and digital sales remain positive. EPS growth for 2025 looks muted, but out-year growth justifies a premium P/E; risks include consumer slowdown, tariffs, and rising competition.