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Chipotle's Customers Aren't as Forgiving as Bank of America Predicted

Customer numbers are still down at the burrito chain.
Employees prepare food items including a Chipotle Mexican Grill burrito bowl.

Employees prepare food items including a Chipotle Mexican Grill burrito bowl.

Photographer: Patrick T. Fallon/Bloomberg

In February Bank of America Corp. upgraded its price target on Chipotle Mexican Grill Inc.

The company's shares are now further from the target than at any time since the bank made that call.

The bank's analysts ran a survey early this year to gauge how many of the company's customers would return following a slew of food safety concerns at the burrito chain. The team came away with conclusions that caused them to upgrade their 12-month price target to $475 from $425 — conclusions which yesterday's earnings data suggest may have been rather optimistic.

The stock was at $372.26 by 11:02 a.m. in New York, trading at more than a two-year low.