UPDATE: Janney Capital Upgrades Chipotle Mexican Grill on Multiple Positive Factors

In a report published Friday, Janney Capital Markets analyst Mark Kalinowski upgraded the rating on Chipotle Mexican Grill CMG from Neutral to Buy. In the report, Janney Capital Markets noted, “We rate shares of Chipotle Mexican Grill a Buy due to: (1) long-term opportunities to expand into the breakfast daypart, (2) a solid near-term same-store sales outlook, (3) the possibility that commodity costs in general could start to come down at some point in 2014-15, disproportionately helping 100% company-owned restaurant companies such as Chipotle, and (4) continued admiration for the Chipotle's ‘food with integrity' approach to its business. The main risk remains a relatively high valuation compared to most other restaurant stocks we cover.” Chipotle Mexican Grill closed on Thursday at $435.87.