Did Chipotle Stock Just Bottom Out Below $300?

It's been a rough two years for Chipotle Mexican Grill (NYSE: CMG) investors, but at least one Wall Street pro is no longer feeling bearish about the stock. Will Slabaugh at Stephens is upgrading the reeling burrito maker on Thursday, arguing that negative sentiment appears to be bottoming out.

The shares buckled below $300 on Wednesday. You have to go back to early 2013 to find the last time that Chipotle stock was trading as low as it is right now. A slow recovery in comps and a another food-borne illness incident have weighed the former market darling down. Chipotle also fell short of sales expectations in its latest quarter. Slabaugh isn't the first analyst to suggest that the worst is behind Chipotle, but all of those that called a bottom before were too early. Slabaugh is the only one who hasn't been burned by upgrading the stock -- so far.

Image source: Chipotle Mexican Grill.

Source: Fool.com