Jefferies Lifts Target on Chipotle Mexican Grill (CMG) Following Q1, Keeps Lowest Rating

Jefferies boosted its price target on Chipotle Mexican Grill (NYSE: CMG) from $300 to $362 after Q1 results but kept its Underperform rating.

The firm comments, "EPS $1.97 vs our $1.82/cons $1.93 as leverage from dbl-digit SSS (12.7% vs cons 10.2%) and pricing offset food infl. April SSS trending ~10%. Despite strong beat, we still think Street expectations (~50x ’12 P/E) are too high given risk of decelerating SSS & cont’d infl. pressure. Our ’12/13 EPS revised to $8.55/10.34 (fr. $8.30/$10.00), and PT increased to $362 (fr. $300), or 35x ’13 EPS."

For an analyst ratings summary and ratings history on Chipotle Mexican Grill click here. For more ratings news on Chipotle Mexican Grill click here.

Shares of Chipotle Mexican Grill closed at $430.78 yesterday.

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