UPDATE: Morgan Stanley Reiterates Overweight Rating, Raises PT on Chipotle Mexican Grill on Positive Outlook, Limited Estimate Risk

In a report published Tuesday, Morgan Stanley analyst John Glass reiterated an Overweight rating on

, and raised the price target from $485.00 to $594.00. In the report, Morgan Stanley noted, “Increasing our PT for CMG shares to $594, from $485. Our PT is for '14 and uses CMG's 37x average NTM P/E. We are also tweaking our DCF model. We believe CMG will hold its average multiple given strong top-line momentum and an easing commodity cost environment, which limits the risk to estimates.” Chipotle Mexican Grill closed on Monday at $537.51.