CMG shares trade 30% below 52-week highs ahead of Q2 results, while analysts’ average price target implies 30% upside.
Chipotle Mexican Grill (NYSE: CMG) releases second-quarter earnings after markets close on Wednesday, with shares currently at $33, down nearly 30% from their 52-week high of $46.61. The stock remains 18% above its 52-week low, but analysts covering the company have an average price target of $43, suggesting roughly 30% potential upside.
The company’s recent performance has been mixed, with comparable sales declining 4% year-over-year in Q2 2025 due to a 4.9% drop in transactions. However, Q1 2026 showed a modest rebound, with comparable sales up 0.5% driven by a 0.6% increase in transactions, marking the first positive traffic growth in over a year.
Investors will focus on transaction trends and restaurant-level margins in the upcoming report, as these metrics will signal whether Chipotle’s growth challenges are easing or persisting. The results may clarify whether the market’s cautious valuation or analysts’ optimism is justified.