UPDATE: Wedbush Reiterates Outperform Rating, Raises PT on Chipotle Mexican Grill

In a report released earlier today, Wedbush Securities Inc. reiterated its Outperform rating on Chipotle Mexican Grill, Inc.

, along with raising its price target from $400 to $480. Wedbush said in its report “We believe continued outperformance in already industry-leading SSS growth and unit-level economics, combined with mid-teens unit growth, renders valuation premium justifiable. We also believe increased visibility into potential upside to earnings estimates in both 2012 and 2013 as the year progresses increases the likelihood of further multiple expansion.” Chipotle Mexican Grill, Inc. closed at $425.08 yesterday.