The CDC said on Monday it was investigating five new cases of E.coli infections, one each Kansas and North Dakota and three in Oklahoma. The Mexican-food chain had been one of the most coveted stocks over the last three years, but after questions around food safety arose, shares plummeted 29% in the second week of December from their higher point over the past year. The company has estimated that sales will fall as much as 11 percent in the fourth quarter as the illnesses bring attention to the company’s food-safety struggles.
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We rate CHIPOTLE MEXICAN GRILL INC as a Buy with a ratings score of B. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover.
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Founder and co-Chief Executive Steve Ells apologized to Chipotle’s patrons earlier this month and promised strict food safety practices to prevent illnesses.
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The restaurant chain’s reputation had already suffered in recent weeks after 46 of 53 people sickened during an earlier E. Coli outbreak reported to have eaten at a Chipotle restaurant in the days before.
“Investigation is still ongoing to identify common meal items or ingredients causing illness”, the CDC said.
“We have indicated before that we expected that we may see additional cases stemming from this, and the CDC is now reporting some additional cases”. Arnold added that the company thinks the illnesses are connected to the larger, previously reported outbreak. All five said they ate at a Chipotle the week before they got sick.
The Centers for Disease Control is investigating a case of E.coli at a Kansas Chipotle restaurant.
Analyst John Ivankoe noted that the CDC is not grouping these new cases with the previous ones, suggesting a separate investigation is required.
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In addition to more testing along the supply chain, Chipotle is instituting more high-tech food tracking inside its restaurants and some new procedures, including cutting, washing and testing tomatoes at central commissaries to ensure they are as clean as possible. The safety program will involve DNA testing of all fresh produce and end-of-shelf-life testing to ensure that ingredients are safe to consume.
