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After the market close on Friday, the company issued a regulatory filing stating that it was expecting an 8% to 11% drop in comparable sales in the fourth quarter.
This followed news that, once again, the US Centers for Disease Control and Prevention (CDC) was investigating new E. coli cases linked to the fast-food chain.
Shares fell by as much as 6% in early trading on Monday before rebounding a bit. Year-to-date, the stock was down about 22%.
In the filing, Chipotle said sales fell by about 22% in the days after the CDC earlier announced new E. coli cases linked to the restaurant.
In a note, RBC analysts lowered their price target to $575 from $825, and maintained their "Outperform" rating on the stock.
And writing to clients, Barclays' Jeffrey Bernstein said the E. coli news was more damaging for Chipotle because of its focus on 'Food with Integrity'.
"While we continue to believe CMG the best growth story in restaurants (of size & scale), we previously struggled to recommend based on the lack of visibility on a comp reacceleration entering '16," Bernstein wrote. "And now with ongoing headlines to further pressure near-term results, we remain cautious."
Here's a chart showing the drop in shares and the move higher:
