Bank of America Merrill Lynch Raises CMG Price Objective to $335

Bank of America Merrill Lynch raises the Price Objective on Chipotle Mexican Grill CMG from $326 to $335 a share. According to the report, "We continue to rate CMG shares Neutral but are raising our price objective from $326 to $335 based on higher EPS estimates supported by a 4.5% price increase that firms the second half and 2012 outlook for sales and margins. We are raising our EPS estimates from $6.75 to $6.78 for 2011 and from $8.15 to $8.23 for 2012." CMG closed at $333.71 a share yesterday.