Chipotle Mexican Grill (CMG) PT Raised to $415 at Barclays

Barclays raised its price target on Chipotle Mexican Grill (NYSE: CMG) to $415.00 (from $395.00) while maintaining a Equalweight rating.

Analyst Jeff Bernstein says Q1 results were "a true test of modeling skills" noting the guidance "guard rails" that helped keep analyst estimates range bound from the sell-side. Bernstein notes that CMG has been a high quality growth story within the restaurant space but he has reservations recommending the names citing a lack of visibility on comparisons re-accelerating. He tells clients in a morning note that he struggles to apply a return of 30x on future earnings.

FY 2017 EPS estimate falls from $9.25 to $8.75 and FY 2018 EPS estimate falls from $14.00 to $13.75.

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