UPDATE: Miller Tabak Raises PT on Chipotle Mexican Grill From $395 to $400 on Qdoba Restaurant Closures

In a report published Tuesday, Miller Tabak analyst Stephen Anderson maintained Chipotle Mexican Grill

at a Buy rating and raised its price target from $395 to $400. In the report, Miller Tabak cited its price target increase due to news that, “Qdoba, the second largest fast casual Mexican chain in the U.S., would close more than 10% of its restaurants… We long have argued CMG has had stronger brand differentiation and operations execution relative to Qdoba, and anticipate CMG will gain market share at the expense of Qdoba as the latter chain retreats.” CMG closed Monday at $367.68.