“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”, Ivankoe told clients, cutting his price target on the stock to US$555 from US$630.
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WHAT’S NOTABLE: Maxim analyst Stephen Anderson released research notes on two companies he believes could benefit from the E. coli and norovirus outbreaks at Chipotle – Panera Bread (PNRA – Get Report) and Zoe’s Kitchen (ZOES – Get Report).
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The new cases come less than a week after Chipotle Founder and Co-Chief Executive Steve Ells published an open letter to customers in about 60 newspapers across the U.S.in which he apologized for outbreaks that have sickened people.
While the virus behind the illnesses is again E. coli, the CDC has identified the strain as a rare form of O26.
According to the CDC: “46 (88%) of 52 people interviewed reported eating at a Chipotle Mexican Grill restaurant”.
But that wasn’t the end of the chain’s foodborne illness woes as 120 people in Boston, a lot of them Boston College students, reported becoming ill earlier this month after eating at a nearby Chipotle restaurant.
However, the latest person did not report having eaten at Chipotle in the week before November 14, when illness started, the CDC document explained.
For the larger outbreak linked to Chipotle, the most recent case had been on November 10.
“The epidemiologic evidence available at this time suggests that a common meal item or ingredient served at Chipotle Mexican Grill restaurants in several states is a likely source of this outbreak”, the CDC said in its update.
In the first outbreak, the illnesses were located mostly in the Pacific Northwest although nine total states were involved. The investigations are ongoing.
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A Chipotle spokesman said that they are expecting more cases linked to the latest E.coli outbreak. The company unveiled a new food safety plan in December in partnership with IEH Laboratories and Consulting Group in Seattle that includes repeated testing of freshly prepared ingredients, improved employee training and extra precautions during preparation such as blanching fresh greens in boiling water for a few seconds to kill bacteria.
