UPDATE: Deutsche Bank Raises Target on Chipotle to $400

Deutsche Bank reiterates its Buy rating on Chipotle CMG and raises its price target to $400 (previously $390) as the company delivers in-line quarter and keeps underlying trend intact. Deutsche Bank says, "CMG posted a generally in-line qtr. as upside on rev. was offset by higher expenses. However, the company cranked out another qtr. of double-digit comps and trends have continued into Jan. With moderating inflation, higher pricing, throughput improvements, a strong new store pipeline, and limited competition, we continue to see good visibility for earnings, which should support the multiple." CMG closed at $370.41 a share yesterday.