Wall Street 'cannot fathom' why Bill Ackman invested in Chipotle

It has been less than 24 hours since hedge fund manager Bill Ackman and his Pershing Square fund announced a 9.9% ownership stake in fast casual chain Chipotle.

Ackman's stake, and subsequent filing, indicate that the investor plans to try and shake up the burrito chain as he has done to previous investments such as JC Penney (which did not end well) and Canadian Pacific Railroad (which has gone better).

Even in the limited amount of time since the disclosure of Pershing Square's stake, Wall Street analysts have not been kind to Ackman's new investment. In notes to clients in reaction to the news, opinions have ranged from lukewarm to outright dismissal.

It is not as if Chipotle has been in a perfect position recently. It has struggled with a nagging food illness issue and sales have plummeted. Despite the struggles, the analysts still don't seem to be encouraged by the investment thesis.

We've got a selection of Wall Street's reaction to the investment. Check them out below.