Chipotle Mexican Grill Inc.is likely to see a greater hit to same-store sales than previously projected after yet another round of E. coli infections was reported by the Centers for Disease Control and Prevention this week, Wall Street analysts said Tuesday.
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Here’s the ugly year-to-date performance for the stock. It says those illnesses started between November 18 and November 26, and all five said they ate at a Chipotle the week before they got sick. The North Dakotan had traveled to Kansas and ate at the same Chipotle location as the Kansas resident who fell ill.
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JPMorgan downgraded Chipotle to “neutral” from “overweight” on Tuesday.
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On its website, Chipotle identified the two restaurants implicated: 11805 Shawnee Mission Parkway in Shawnee, Kansas, and 765 Asp Avenue in Norman, Okla. It is the last thing the popular burrito chain expected as it is already grappling with an outbreak believed to have affected 50 people in nine states. Chipotle’s stock has fallen 30 percent from its high of $757.77 in August.
As of Friday, there were 53 people infected with the Escherichia coli O26 (STEC O26) strain. Oches added that Chipotle should be transparent about its safety precautions to reassure customers that this doesn’t happen again. A spokesman for Chipotle said that numerous earlier incidents even the Simi Valley was considered by the company as “a small number of isolated and unrelated incidents – in terms of geography and incident”. Since this issue began, we have completed a comprehensive reassessment of our food safety programs with an eye to finding best practices for each of the ingredients we use.
“We believe the multiple outbreaks across various geographies and timeframes make a single supplier or product shipment increasingly unlikely as the cause”, he wrote.
The latest reported cases are being treated as a second outbreak while the CDC investigates whether it is linked to the previous illnesses first reported at the end of October. Robert W. Baird reissued a “hold” rating on shares of Chipotle Mexican Grill in a research report on Monday, November 23rd. “Chipotle is working with the CDC, FDA, and state health officials to investigate”. In its latest update, the CDC reports there has been one more case in Pennsylvania of someone getting sick from E. coli.
Oches said “plenty” of restaurants have recovered from food safety crises.
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On December 16, Chipotle CEO Steve Ells and co-CEO Monty Moran talked to CNBC’s May Money; they said: “We can assure you today there is no E. coli in Chipotle”.
