Wedbush Upgrades Chipotle Mexican Grill, Boosts Price Target to $400

Analysts from Wedbush believe that shares of Chipotle Mexican Grill

will move higher by year-end on the back of potential price increases and the profit potential of a nationwide catering service. Analysts also noted that they see shares as "safe," based on modest first quarter expectations, as well as "solid Q1 and Q2-to-date checks." Based on their study, it is estimated that three to four catering orders are purchased per week, per store, in excess of $300. Analysts believe this could increase both the top and bottom lines more than the general consensus. Wedbush raised CMG to Outperform, from Neutral and increased their price target to $400, from $320. Wedbush also raised CMG's EPS estimate for 2013 to $10.46, from $10.38 and also raised 2014 EPS to $13.03, from $12.23. CMG is currently up ~.75% in early Monday trading.