UPDATE: Deutsche Bank Upgrades Chipotle Mexican Grill to Buy

According to Deutsche Bank, Chipotle Mexican Grill

is upgraded to Buy. Deutsche Bank said that CMG remains the best growth story in the restaurant industry given a 13% unit growth rate, industry-leading same store sales, industry-leading new unit returns, and a long runway for new stores. “2012 also sets up as a better year for earnings growth than 2011, as easier cost compares + higher menu pricing = a better margin outlook. Upgrade to Buy. Raising ests. PT to $390.” Chipotle Mexican Grill closed on Friday at $339.53.