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Chipotle Mexican Grill (NYSE:CMG) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a report released on Friday. The firm currently has a $813.00 price target on the stock. Zacks‘s price target points to a potential upside of 19.94% from the stock’s previous close.

Zacks’ analyst wrote, “We upgrade our recommendation on Chipotle to Outperform from Neutral mainly driven by stellar second-quarter 2014 results. Earnings of $3.50 per share beat the Zacks Consensus Estimate by 14.8% and also increased 24% year over year on the back of solid top-line growth. Revenues also beat the consensus mark and increased 29% year over year, thanks to higher comps and unit expansion. Despite the recent price hike, comps grew year over year as well as sequentially driven by higher traffic. The company has been witnessing a fairly stable traffic trend over the past few years driven by strong market position, innovative menu launches and increased media exposure. We believe that Chipotle will be able to keep its growth story intact by serving antibiotic-free meats and organic menu items to its loyal health-conscious customers.”

Chipotle Mexican Grill (NYSE:CMG) traded down 0.12% on Friday, hitting $677.04. The stock had a trading volume of 119,968 shares. Chipotle Mexican Grill has a one year low of $403.37 and a one year high of $697.93. The stock’s 50-day moving average is $657. and its 200-day moving average is $581.. The company has a market cap of $20.998 billion and a price-to-earnings ratio of 59.76.

Chipotle Mexican Grill (NYSE:CMG) last released its earnings data on Monday, July 21st. The company reported $3.50 earnings per share for the quarter, beating the analysts’ consensus estimate of $3.07 by $0.43. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $988.13 million. During the same quarter last year, the company posted $2.82 earnings per share. Chipotle Mexican Grill’s revenue was up 28.6% compared to the same quarter last year. On average, analysts predict that Chipotle Mexican Grill will post $13.66 earnings per share for the current fiscal year.

A number of other analysts have also recently weighed in on CMG. Analysts at Longbow Research downgraded shares of Chipotle Mexican Grill from a “buy” rating to a “neutral” rating in a research note on Friday, August 8th. They now have a $697.00 price target on the stock. They noted that the move was a valuation call. Separately, analysts at Citigroup Inc. reiterated a “buy” rating on shares of Chipotle Mexican Grill in a research note on Monday, July 28th. They now have a $793.00 price target on the stock, up previously from $648.00. Finally, analysts at Argus raised their price target on shares of Chipotle Mexican Grill from $660.00 to $750.00 in a research note on Thursday, July 24th. They now have a “buy” rating on the stock. Seven analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $685.93.

In other Chipotle Mexican Grill news, Director Darlene J. Friedman unloaded 599 shares of the stock on the open market in a transaction dated Thursday, August 21st. The shares were sold at an average price of $680.52, for a total transaction of $407,631.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Chipotle Mexican Grill, Inc (NYSE:CMG) operates Chipotle Mexican Grill restaurants.

To view Zacks’ full report, visit Zacks’ official website.

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