No love for Chipotle from Raymond James

• Raymond James is still bearish on Chipotle (CMG +0.2%) following the company's sales update and ICR appearance.
• "We continue to see a sharply negative risk/reward skew as consensus estimates seem overly aggressive and believe the stock’s historical valuation (35x+) will be difficult to recover (growth algorithm from normalized EPS base likely in upper teens). Our bull/bear analysis suggests a negative risk/reward from current levels (downside $225-300; upside $412, in-line with current stock price)," writes the analyst team.
• Shares of CMG are rated by Raymond James at Underperform.