Shares of Chipotle Mexican Grill (CMG) have sunk over 36% in the past three months as a new wave of health scares caused investors to flee a company already recovering from an E.Coli breakout in 2015.

But while Oppenheimer analysts Brian Bittner and Michael Tamas aren't ready to lift their "Neutral" rating on the restaurant chain's stock, they have started to reconsider their position.

"Following a 36% slide since June, CMG's risk/reward exhibits better balance...but we remain unable to recommend shares," they wrote in a note obtained by Barron's.

"Our work again forces earnings estimates ~15% below the Street's in '18/'19 despite assuming healthy SSS [same-store-sales] on average."

To turn bullish on the stock, the analysts want to see "an out-year EPS view above consensus at an attractive valuation."

Shares of Chipotle were lower in midday trading on Tuesday.

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