UPDATE: Deutsche Bank Raises PT to $480 on Chipotle Mexican Grill

Deutsche Bank increases its target price from $430 to $480 on Buy-rated Chipotle Mexican Grill CMG on improving macro trends and favorable weather. Deutsche Bank notes, "Improving macro trends and favorable weather have made for a positive sales backdrop in recent months and good stock performance for the group. We believe the consensus 1Q12 same store sales forecast of +3.2% for the industry is likely to prove conservative. However, with restaurant stocks trading at 20x, the market seems to fully expect a strong 1Q and will likely look through weather-related upside." CMG closed at $432.12 on Monday.