With Chipotle (NYSE: CMG) down sharply from its highs, many investors are confused about whether buying today means catching a falling knife or making a prudent investment.

Consumer goods analyst Austin Smith thinks it's neither. He believes Chipotle is an exceptional company whose valuation got ahead of it. He suggests investors recognize that the stock now trades closer to those multiples shared by the company's high-growth peer group.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.