Today's charts: Chipotle estimates lowered on the Street; Lululemon gains on upgrade; GE sinks after earnings miss

Another Wall Street firm cuts estimates on Chipotle

RBC Capital lowered its price target for Chipotle Mexican Grill (CMG) to $330 from $400 on concern about sales, increasing labor costs, the chain’s disappointing queso launch and higher avocado prices. In a note to clients, titled “Worst queso scenario,” analyst David Palmer wrote, “We suspect that recent performance of Chipotle’s SSS initiatives (e.g., queso) and marketing effectiveness is likely to disappoint expectations. With 3Q results, we hope to learn whether these initiatives still have potential to drive trial and frequency and what adjustments could be made to improve execution.” 0Chipotle is scheduled to report third-quarter earnings on Tuesday, October 24.

Citi turns bullish call on Lululemon

Citi upgraded Lululemon (LULU) to a buy from hold and raised its price target on the stock to $73 a share, implying a 21% move to the upside from the stock’s closing price on Thursday. Analyst Paul Lejuez noted stronger confidence in Lululemon’s long-term growth potential and momentum in its men’s business. Lululemon shares are up 16.5% over the past 6 months.

GE sinks on big earnings miss

General Electric (GE) is under pressure after posting a big earnings miss and slashing its forecast for the year. Chief Executive John Flannery said on the earnings call that results for the latest quarter were “unacceptable” and that the company needs “to make some major changes with urgency and a depth of purpose.” Flannery also discussed GE’s plan to exit more than $20 billion worth of assets in the next 1 to 2 years. GE reported a profit of 29 cents on revenue of $33.47 billion. Analysts were looking for earnings of 50 cents a share and sales of $32.54 billion. Shares were last trading down 2.1% at $23.08 a share.