UPDATE: Piper Jaffray Increases PT to $452 on Chipotle Mexican Grill

Piper Jaffray increases its price target from $438 to $452 on Overweight-rated Chipotle Mexican Grill CMG on increased confidence in the company's portfolio following meetings with the CEO. Piper Jaffray notes, "We have increased conviction in Chipotle's portfolio approach to global unit growth expansion following our recent visit with management: Founder and Co-CEO Mr. Steve Ells at its newest concept ShopHouse. Our valuation analysis is critical as it relates to the future growth pipeline, which we value at $123 per share, which thus implies a ~30x multiple on FY13 earnings (a 10 point discount to the current P/E). Our raised FY13 estimate reflects a slightly higher store-level margin versus our prior model as new stores are increasingly efficient." CMG closed at $424.98 a share on Friday.