UPDATE: Wedbush Raises PT on Chipotle Mexican Grill on Current Valuation

In a report published Wednesday, Wedbush analyst Nick Setyan reiterated his Neutral rating on Chipotle Mexican Grill

, and raised his price target from $310.00 to $320.00. In the report, Setyan noted, “We believe Chipotle's current valuation properly reflects the probability of a price increase in mid-2013 in the 3% range, as well as the possibility of catering traction, balanced by slowing long-term growth fundamentals, such as a slowing unit growth rate and the lack of meaningful short-term comp drivers.” Chipotle Mexican Grill closed on Tuesday at $318.45.