RBC cuts Chipotle target, still likes the burritos

Same burrito, smaller price tag

RBC Capital just shaved Chipotle’s price target to $45 from $50, but it left the stock on Outperform. Translation: the firm thinks Chipotle can still do the thing, even if the “how fast can this grow?” story got a little less spicy.

For investors, the headline isn’t the haircut — it’s the fact that RBC didn’t bail. In a market where analysts can flip like a pancake, a target cut paired with a bullish rating usually signals “we still like the long-term setup, we’re just dialing back the near-term fantasy football projections.”

Why this matters

Chipotle has been under the microscope lately, and this note adds to the ongoing Wall Street debate around its next leg of growth. With the stock trading around $35.08 and analysts’ average target still implying about 25% upside, the burrito chain remains a favorite among people trying to model comp sales over guac and vibes.

Big picture

This isn’t a victory lap, but it’s also not a red flag the size of a stadium banner. Chipotle is still getting analyst support — just with a little less swagger than before. For CMG holders, that means the story is still alive, but the market may need to see cleaner Q1 momentum before the next rally gets going.