UPDATE: Deutsche Bank Upgrades Chipotle Mexican Grill to Buy
According to Deutsche Bank, Chipotle Mexican Grill (NYSE: CMG) is upgraded to Buy.
Deutsche Bank said that CMG remains the best growth story in the restaurant industry given a 13% unit growth rate, industry-leading same store sales, industry-leading new unit returns, and a long runway for new stores. “2012 also sets up as a better year for earnings growth than 2011, as easier cost compares + higher menu pricing = a better margin outlook. Upgrade to Buy. Raising ests. PT to $390.”
Chipotle Mexican Grill closed on Friday at $339.53.
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