UPDATE: UBS Securities Reiterates Neutral Rating, Raises PT on Chipotle Mexican Grill Following Great Beat

In a report published Tuesday, UBS Securities analyst Keith Siegner reiterated a Neutral rating on

, and raised the price target from $530.00 to $600.00. In the report, UBS Securities noted, “CMG delivered one of the best beats in recent memory, blowing away expectations on the top and bottom line, with multiple factors driving comp growth and better than expected flow through. However, following another 10% rise in shares after mkt close, we believe further upside is limited given the bar is now set even higher, contribution from strategic opportunities remains limited NT, and valuation reflects near perfection.” Chipotle Mexican Grill closed on Monday at $589.93.