Chipotle Mexican Grill Inc (CMG · NYSE)

Chipotle shares have fallen sharply, down 10.6% over the past month and 29.4% below their 52-week high, closing at $29.89 despite beating estimates in all four of the last quarters. Fundamentals remain solid: June-quarter revenue of $3.35B rose 9.3% year over year, operating margin sits at 16.1%, and ROE is 49.6%, though earnings declined 1.3% YoY. The stock trades at a 27.42 P/E and 24.4x EV/EBITDA, below Raymond James' newly lowered $37.00 target, while leverage is moderate at 2.4x debt/EBITDA and quarterly free cash flow reached $463.4M. Institutional buying continued in Q3, with TD Waterhouse raising its stake 887% and Goelzer adding over 50,000 shares.