South Korea to spearhead Chipotle’s Asian expansion

California's Senate passed SB 690, a bill to curb lawsuits under the California Invasion of Privacy Act (CIPA), backed by tech giants like Meta, Amazon, and Google. Critics argue it strips consumer rights to sue over tracking violations, benefiting Big Tech. The bill aims to address frivolous litigation but faces opposition from privacy advocates. CIPA lawsuits have targeted small businesses and tech companies, with penalties up to $5,000 per violation.

Broadcom (AVGO) shares fell 2.1% premarket despite beating Q3 earnings expectations, as weaker-than-expected guidance overshadowed results. Revenue rose 86% YoY to $29.59B, but Q4 revenue guidance of $34.8B missed estimates. Chipotle (CMG) opened its first Asian restaurant in Seoul, South Korea, and plans further expansion. The DOJ is investigating major grocery retailers over beef pricing. Snowflake (SNOW) shares surged 24% after strong Q2 results and upbeat outlook.

Wall Street analysts maintain a bullish outlook on Chipotle Mexican Grill (CMG) with a consensus 'Strong Buy' rating. TD Cowen reiterated a 'Buy' rating and $44 target, citing uncertainty from a salmonella outbreak. The mean target is $43.93 (17.6% upside), with a high of $52 (39.3% upside).

Baird downgraded Chipotle (CMG) to Neutral, cutting its price target to $40, citing slower growth and higher reinvestment needs. Domino's (DPZ) and Black Rock Coffee Bar (BRCB) were also downgraded. Darden (DRI) was upgraded to Outperform with a $250 target. Baird favors Cava (CAVA), Starbucks (SBUX), and others with strong unit economics and growth potential.

Baird downgraded Chipotle (CMG), Domino's (DPZ), and Black Rock Coffee Bar (BRCB) to Neutral, citing slower growth and competitive pressures. It upgraded Darden (DRI) to Outperform, praising its strong fundamentals. Price targets were adjusted for each. Baird also initiated coverage of Brinker (EAT) and Jersey Mike's with Outperform ratings, and named Cava (CAVA), Brinker, Starbucks (SBUX), and Dutch Bros (BROS) as top picks.

Chipotle Mexican Grill (CMG) reported a 2.2% increase in same-store sales for Q2 2024, accelerating from Q1's 0.5% gain. Management raised its full-year guidance to low single-digit growth, despite recent health scares. Shares are down 51% from their peak, trading at a P/E of 31.3, with EPS expected to grow 10.5% annually through 2028.