Consumer stocks were adding to their earlier losses today with shares of consumer staples companies in the S&P 500 falling about 0.8% in late trade. Shares of consumer discretionary firms in the S&P 500 were down over 1.2%.
In company news, Chipotle Mexican Grill ( CMG ) shares were moderately higher shortly before the closing bell after its price target was raised nearly 12% by analysts at Raymond James, who also boosted their per-share earnings forecast for the restaurant chain.
In a new research note today, the research shop said it was reiterating its Outperform rating and increasing its price target for the stock by $65 to $625 a share to reflect "tighter assumptions regarding a menu price increase currently being rolled throughout the system."
CMG shares were ahead 1.9% at $581.33 each, earlier climbing to a session high of $583.27 a share. The stock has a 52-week range of $352.27 to $622.90 a share, rising nearly 59% over the past 12 months.
In other sector news,
(+) RH, Q1 adjusted EPS of $0.18 beats by $0.07 per share. Revenue rises 21.6% to $366.3 mln, topping estimates by $19.45 mln. Raises FY15 EPS outlook, topping Street by at least $0.03. Also boosts revenue projection above consensus.
(-) LULU, Lowers adjusted FY15 EPS outlook below Street view. Also cuts top end of revenue forecast. Guides Q2 earnings below consensus. Q1 EPS of $0.34 beats by $0.02 while revenue rises 11.2% to $384.6 mln, topping estimates by $3.31 mln.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
