The turmoil in the markets makes it too easy to justify selling any stock these days. Yet, while panic never helps investors, it's still a good idea to play devil's advocate with investments.

Consider Chipotle Mexican Grill (NYSE:CMG). Though the company has a strong track record, you'll find that more than a few of the 2,242 Motley Fool CAPS members weighing in on the company offer reasons to be bearish.

Here at the Fool, we like to consider both the good and the bad sides of an investment, so I'm highlighting three of the main bearish arguments on Chipotle. Be sure to read the bullish side as well, and then weigh in with your own comments below or rate Chipotle in CAPS.                                               

1. Questioning its expansion
Although Chipotle is beefing up its store count next year, some investors were disappointed with the forecast Chipotle offered for 2010 in its latest earnings report and question the sustainability of its growth. Some of its new store openings are expected to be a smaller-format store, which typically draws in fewer customers and could result in slower sales growth.

2. Premium shares
Compared with other restaurant chains like Burger King (NYSE:BKC), McDonald's (NYSE:MCD), and Yum! Brands (NYSE:YUM), Chipotle sports a much higher earnings multiple, and many investors don't believe Chipotle's outlook justifies the higher premium over its peers. With consumers still spending cautiously and food companies such as Whole Foods Market (NASDAQ:WFMI) recently predicting "no positive change in the economy over the short term," some investors prefer to pass on the burritos at this point.                               

3. Underlying weak comps
Chipotle may have recently bucked the trend by reporting increased same-store sales, something also achieved by Panera (NASDAQ:PNRA) and Buffalo Wild Wings (NASDAQ:BWLD), but much of its comps increase this year has been driven by increases in prices -- a benefit it doesn't expect to have next year. The company expects flat same-store sales in 2010, which has some investors concerned about its growth.

To see details of what CAPS members are saying now about Chipotle, just click on over to Motley Fool CAPS and have a look -- or add your own thoughts directly to this story in the comments box below.

The Motley Fool Stock Advisor service looks for companies with strong management poised to beat the market over the long haul. To see all the stocks that have helped Tom and David Gardner beat the market by 53 points on average, take a free 30-day trial.

Fool contributor Dave Mock doesn't own shares of companies mentioned here. Whole Foods Market is a Stock Advisor choice. Chipotle is a Rule Breakers pick. Chipotle and Buffalo Wild Wings are Motley Fool Hidden Gems recommendations. The Fool owns shares of Chipotle and Buffalo Wild Wings. The Fool's disclosure policy usually goes for the steak burrito with extra salsa.