Chipotle Mexican Grill, Inc. (NYSE:CMG) shares are trading lower Thursday after the company reported mixed third quarter financial results and forecasted low single-dit declines in comparable restaurant sales for 2025.

What To Know: Chipotle reported adjusted earnings per share of 29 cents, in line with the consensus estimate. The company posted revenue of $3.0 billion, missing the consensus estimate of $3.02 billion.

Comparable restaurant sales increased 0.3% year-over-year, driven by a 1.1% increase in average check, partially offset by a 0.8% decline in transactions. Operating margin fell to 15.9% from 16.9% in the same quarter last year, while restaurant-level operating margin declined to 24.5% from 25.5%.

Chipotle opened 84 company-owned restaurants during the quarter, including 64 with a Chipotlane drive-thru, and two international partner-operated locations. Digital sales accounted for 36.7% of total food and beverage revenue.

The company repurchased $686.5 million of stock during the quarter at an average price of $42.39 per share.

Outlook: Chipotle expects full-year comparable restaurant sales declines in the low-single-digit range. Management also anticipates 315 to 345 new company-owned restaurant openings in 2025, with over 80% featuring a Chipotlane.

Analyst Changes: Following the earnings report, multiple analysts issued price target adjustments.

• Truist Securities analyst Jake Bartlett maintained a Buy rating on Chipotle and lowered the price target from $53 to $45.
• Keybanc analyst Eric Gonzalez maintained an Overweight rating on Chipotle and lowered the price target from $52 to $45.
• Mizuho analyst Nick Setyan maintained a Neutral rating on Chipotle and lowered the price target from $40 to $34.
• BTIG analyst Peter Saleh maintained a Buy rating on Chipotle and lowered the price target from $57 to $45.
• TD Cowen analyst Andrew M. Charles maintained a Buy rating on Chipotle and lowered the price target from $45 to $40.

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CMG Price Action: At the time of writing, Chipotle shares are trading 17.23% lower at $32.91, according to data from Benzinga Pro.

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