Several analysts raised their ratings and price targets on Starbucks a day after news that Chipotle CEO would take over at the coffee chain.
Starbucks shares rallied on the news, while Chipotle shares fell.
He also lowered his price target on shares to $685 from $750, which implies just 6% upside from Monday's close.
Chipotle shares pulled back of 7% comes as decelerating trends and a sector rotation already impacted Chipotle's multiple.
Since Niccol took the position of CEO in 2018, Chipotle shares surged more than 770%.
Persons:
Bernstein, Fatima Boolani, Boolani, — Hakyung Kim, Eli Lilly Eli Lilly's, Berenberg, Lilly, Kerry Holford, " Holford, Morgan Stanley, Keith Weiss, Weiss, Hakyung Kim, Brian Niccol's, Danilo Gargiulo, Gargiulo, Niccol, Chipotle, Laxman Narasimhan, Brian Niccol, Baird, David Tarantino, Fred Imbert
Organizations:
CNBC, Citi, Palo Alto, Palo Alto Networks, pharma, Intuit, Starbucks, Deutsche Bank, SBUX
Locations:
Tuesday's