As previously reported, Morgan Stanley analyst John Glass upgraded Chipotle Mexican Grill to Overweight from Equal Weight, citing what he views as increasing evidence that makes his bull case scenario more believable. Specifically, Glass points to accelerating top line growth, driven by a quickened pace of new product introductions, greater opportunities in store margins, and a “more benign” competitive environment. He raised his price target on Chipotle shares to $600 from $413 as he raised his EPS expectations above consensus to about $13 per share for FY19 and about $16 for FY20.
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