UPDATE: Oppenheimer Raises Price Target on Chipotle

In a note released Wednesday, Oppenheimer analyst, Brian Bittner raised the price target on Chipotle Mexican Grill, Inc. (NYSE: CMG) from $700 to $775 and reiterated and Outperform rating.Bittner's continued optimism, during times when the stock is already reaching record highs, is based on two main factors 1) he believes the Street is underestimating margin potential and 2) he views the Street is too conservative in its first half 2015 traffic-per-store estimates.Looking at margins, Bittner says, barring a spike in food prices, Chipotle should be able to hit 30 plus percent margins, where as the Street is predicting under 29 percent into perpetuity.Based on this more optimistic margin outlook, Bittner has raised his 2014 EPS estimate from $13.87 to $13.98 and his 2015 estimate from $17.40 to the street high of $18.80.