UPDATE: Credit Suisse Trims Target to $450 on Chipotle

Credit Suisse reiterates its Outperform rating on Chipotle

and raises its price target by $80 to $450 on impressive organic growth as well as organic foods. Credit Suisse notes, "Comp strength driving upside and funding investments in future traffic: An 11.2% 4Q comp beat our est and 1Q commentary suggested a 22%-plus 2-yr trend continues. More importantly, CMG is letting some of the upside fall to the bottom line (although offset by taxes in EPS, our F12/F13 EBIT ests are up by ~2.5%) and investing some of it forward. Spending on marketing, recruitment, higher quality ingredients and some labor tools can all help maintain this momentum, and we continue to see the potential for years of comps benefitting from low hanging fruit in marketing and loyalty." CMG closed at $370.41 a share yesterday.