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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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