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Shares of Chipotle Mexican Grill
tumbled as much as 19% in morning trading on Thursday after the company cut its full-year same-store sales forecast for the third straight quarter.
Including Thursday's move, the stock has fallen 45% this year, dragging its market value down to roughly $43 billion. At least five Wall Street analysts have cut their price targets for the stock after the report, anticipating investors' displeasure with the burrito chain's shrinking traffic and gloomy outlook.
"It's difficult to call a bottom for sales given the multitude of factors weighing on demand," Citi analyst Jon Tower wrote in a research note, revising his price target from $54 to $44 per share.
