UPDATE: Piper Jaffray Raises PT on Chipotle to $352.00

Piper Jaffray has published a report on Chipotle CMG raising the price target to $352.00 from $310.00. In the report, Piper Jaffray wrote, "Chipotle's 2Q11 SSS were better-than-expected at +10% (vs. our +6.0%), and even more impressive given the increase was largely traffic driven. That said, rising food costs pressured store-level margins which decreased 110 bps to 25.8%. We believe menu pricing being rolled out will help at least partially offset rising foods costs which likely remain a headwind through 2H11. However, we remain encouraged by the continued growth profile (in both EPS and units) and further opportunities for increasing unit-level productivity and profitability." Piper Jaffray rated Chipotle Overweight with a price target of $352.00. Chipotle closed Tuesday at $333.71.