Baird has "relatively low conviction" that the Denver-based fast-casual chain will be able to reach third-quarter comparable-store sale consensus estimates.
"We see some risk that investor sentiment toward Chipotle could become more cautious if sales have not shown much improvement in recent months," the firm wrote in a note cited by Barron's.
Baird continues to have a positive view of the Chipotle brand and its longer-term growth prospects, Barron's added.
"But we prefer to wait for a better entry point or better visibility to sales improvement in order to adopt a more constructive near-term stance on Chipotle," the firm said.
Analysts surveyed by FactSet are projecting that comparable-store sales fell 18.2% during the period.
Shares of Chipotle were higher in late-afternoon trading today.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.
The primary factors that have impacted the rating are mixed. The company's strongest point has been its very decent return on equity which we feel should persist.
But the team also finds weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and poor profit margins.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: CMG