On Tuesday morning following the company's second quarter earnings just after the market close on Monday, Wunderlich analyst, Robert Derrington hiked his price target on Chipotle up from $560 all the way to $680. Despite this large increase, he remains on the side lines with a Hold rating.
Derrington said the company posted a "dramatic" earnings beat ($3.50 vs. $3.10) and noted Chipotle had its best same-store-sales growth since the first quarter of 2004.
Looking ahead, he noted that the company is expecting further margin expansion an has increased its same-store sales growth rates from the high single-digits to the mid-teens. Based on this, Schindler has raised his 2014 and 2015 EPS estimates from $12.60 and $16.00 to $13.50 and $17.10.
Shares of Chipotle have jumped over 10 percent in Tuesday's pre-market after finishing down 0.42 percent on Monday.
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