Howard Penney's Chipotle Call Making News | CMG

Takeaway: Chipotle needs to make "significant changes" before we "become more positive on the name," Penney writes.

Hedgeye Restaurants analyst Howard Penney's call on Chipotle was picked up by Bloomberg today. Penney thinks the stock has 50% downside from here. 


Howard Penney's Chipotle Call Making News | CMG - chipotle bbg


Click here to learn more about Restaurants analyst Howard Penney's upcoming Best Idea (short) call on Chipotle. 


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Chipotle: Best Idea Short Call (Why CMG Has 50% Downside)

Takeaway: Our Restaurants analysts are hosting a Best Idea (short) call on Chipotle on 9/6.

Chipotle: Best Idea Short Call (Why CMG Has 50% Downside) - chipotle 8 31



Conference Call

9/6/2016 at 11:00AM


Join the Hedgeye Restaurants Team, led by Sector Head Howard Penney, for an in-depth presentation and refresh to the SHORT case for CMG in which they see 50% of additional downside.


CMG is on their Best Ideas List as a short.


  • Management does not appear to have a cohesive strategy to guide this ship
  • Recovery is slow and the business model is impaired
  • Aggressive unit growth is a leading indicator of future value destruction
  • CMG consumer survey update
  • The new normal P&L is vastly different from the past
  • Margin analysis: What the upside is and how do they get there?
  • Sentiment/Valuation





Attendance on this call is limited.


Please note if you are not a current subscriber to our Restaurants research there will be a fee associated with this research call and related material. Ping for more information.


Hedgeye Risk Management is a leading independent provider of real-time investment research. Focused exclusively on generating and delivering investment ideas, the firm combines quantitative, bottom-up and macro analysis with an emphasis on timing. 


The Hedgeye team features some of the world's most regarded research analysts - united around a vision of independent, uncompromised real-time investment research as a service.


[UNLOCKED] Fund Flow Survey | Defense Wins Championships

[UNLOCKED] Fund Flow Survey | Defense Wins Championships - dollar

This is a complimentary research note originally published August 25, 2016 by our Financials team. If you would like more info on how you can access our institutional research please email

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What's Happened To Bernanke's Commodity Bubble? DEFLATION...

Takeaway: A Fed rate hike could precipitate the next leg down in deflation's dominos.

A long-term bear market in one of Bernanke’s Down Dollar asset bubbles remains firmly intact. After failing the “breakout” for the technicians > 200 in June, the CRB Index is down -7% from that lowerlong-term high; it’s going to get decimated by Deflation’s Dominoes if the Fed tightens.



Editor's Note: The snippet above is from a note written by Hedgeye CEO Keith McCullough and sent to subscribers this morning. Click here to learn more. 

Daily Market Data Dump: Wednesday

Takeaway: A closer look at global macro market developments.

Editor's Note: Below are complimentary charts highlighting global equity market developments, S&P 500 sector performance, volume on U.S. stock exchanges, rates and bond spreads, key currency crosses, and commodities. It's on the house. For more information on how Hedgeye can help you better understand the markets and economy (and stay ahead of consensus) check out our array of investing products




Daily Market Data Dump: Wednesday - equity markets


Daily Market Data Dump: Wednesday - sector performance


Daily Market Data Dump: Wednesday - volume


Daily Market Data Dump: Wednesday - rates and spreads


Daily Market Data Dump: Wednesday - currencies


Daily Market Data Dump: Wednesday - commodities

Poll of the Day: If You Could SHORT Only One Position Below, Which Would It Be?

Takeaway: What do you think? Cast your vote. Let us know.

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