UPDATE: J.P. Morgan Raises PT to $320 on Chipotle Mexican Grill

A report from J.P. Morgan reiterates its Neutral rating and raises its price target from $300 to $320 on Chipotle Mexican Grill

. The report states, “Still, overall results once again demonstrated top-tier earnings performance and lend visibility to 20-25%+ EPS CAGR medium-term, supported by an acceleration in guided unit growth to 155-165 in F12 vs. ~145 in F11. While we understand the “scarcity” value implicit in this EPS growth, high fundamental expectations and a high multiple still prevent us from recommending purchases at current prices”. CMG closed yesterday at $310.27.