Chipotle pulls Minnesota jalapenos after salmonella link; shares rebound after BTIG reiterates Buy

Chipotle Mexican Grill shares traded higher on Wednesday after BTIG reiterated a Buy rating and kept its $45 price target, while the company used a regulatory filing to detail its response to a salmonella investigation tied to its supply chain. The company said its 2026 guidance, issued with its July 29 earnings release, did not include any financial impact from the matter because possible outcomes remain uncertain. In the filing, Chipotle said it activated its ingredient traceability system after learning of the potential outbreak and identified jalapeños from a single lot as the likely common ingredient. The company removed those jalapeños from affected restaurants and replaced them with supplies from different growers. The Minnesota Department of Health confirmed it has no ongoing concerns with Chipotle, even as public health authorities including the Food and Drug Administration and the state agency continue investigating a salmonella outbreak affecting several food service retailers. The update adds detail to a story that had already weighed on the stock after Minnesota health officials said they had identified 110 salmonella-related cases in the state and that 75 of 84 people interviewed reported eating at Chipotle between June 14 and July 14. Shares had closed down nearly 10% on Tuesday before rebounding; they were up 2.56% at $34.69 on Wednesday at the time of publication.