Chipotle Shares Lose Ground on Morgan Stanley Downgrade

Morgan Stanley says Chipotle may still have a long way to go since E. coli-triggered selloff.
By James Passeri ,

Shares of fast-food chain Chipotle (CMG) - Get Report lost ground Friday on a downgrade from Morgan Stanley, after analyst John Glass lowered the firm's rating to Equal Weight from Overweight. Glass also lowered his price target to $405 from $500, saying it 'could take years' for sales to recover from an E. coli and salmonella-triggered selloffs. The company's food-safety crisis began last fall when an E. coli outbreak was discovered to have taken place at a Seattle outlet. That triggered a sharp selloff of Chipotle stock. Chipotle shares are down 15 percent since the beginning of the year. The chain is set to roll out second-quarter earnings after the closing bell on Thursday.

I'm James Passeri with Real Money's Fill or Kill team

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