Andrew Charles discusses TD Cowen’s downgrade of Chipotle to Hold, citing concerns about sales trends. He said the company’s recent same-store sales have benefited from creative campaigns, including four annual limited-time protein offerings, value initiatives and a new chief marketing officer, but he expected these efforts to deliver stronger results in the fourth quarter and argued that growth will become harder in 2027 as Chipotle laps those drivers and must rely on less-proven initiatives. H
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