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Briefly: Chipotle continues slide as JP Morgan downgrades to 'neutral'

** Chipotle down 1.5 pct premarket as JP Morgan, surprised by new food safety issues at co's restaurants, says it is no longer comfortable recommending the stock ** Analysts cite co-CEOs in media appearance as recently as last week assuring that ...

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A logo of Chipotle Mexican Grill is seen on one of their bags in Manhattan, N.Y. REUTERS/Andrew Kelly

 

** Chipotle down 1.5 pct premarket as JP Morgan, surprised by new food safety issues at co's restaurants, says it is no longer comfortable recommending the stock

** Analysts cite co-CEOs in media appearance as recently as last week assuring that E. coli issue was contained

** "At this point, even rational and informed consumers could potentially be given reason to pause when choosing Chipotle over the plethora of fast casual competition in the marketplace," analysts write in note

** Analysts lower FY 2016/2017 EPS estimates well below consensus, slash their target to $555 from $630

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** CMG closed Monday at its lowest level since May 2014 after the U.S. CDC said it is investigating five new cases of an E. coli infection linked to co's restaurants

** Of 33 covering analysts, 15 still rate stock a "buy" or higher, 17 rate it a "hold" and 1 recommends selling; median PT now $562.50, a 25-pct reduction over last 2 mths (Thomson Reuters data)

** Shares down more than 18 pct since Nov 1 when E. coli cases were first reported and have lost about a quarter of their value YTD (RM: lance.tupper.tr.com@reuters.net )

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