UPDATE: Jefferies Reiterates Underperform Rating, Raises PT on Chipotle Mexican Grill on 1Q Beat

In a report published Friday, Jefferies analyst Andy Barish reiterated an Underperform rating on Chipotle Mexican Grill

, and raised the price target from $250.00 to $265.00. In the report, Barish noted, “EPS $2.45 on only 1% SSS, as ~$0.30 of lower G&A/tax saves drove beat to consensus $2.13. Stock should be up but we see little improvement in key operating metrics; with no real SSS drivers, we think restaurant-level margins will be flattish at best. Our ‘13/14 EPS up to $10.18/11.97 (beat/lower G&A), but at a current multiple of ~30x '14E EPS, we still think CMG is being overvalued for decelerating growth. PT to $265 (from $250).” Chipotle Mexican Grill closed on Thursday at $328.36.