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Chipotle upgraded to overweight on “above average long-term growth”

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JP Morgan upgraded the burrito chain Chipotle Mexican Grill, Inc. (NYSE:CMG) from neutral to overweight with a price target of $575 a share. The current price target is $25 higher than the previous target level. JP Morgan cited stellar comp sales for the fourth quarter of 2013 and first quarter of 2014 as reasons for the upgrade. In addition, JP Morgan cited Chipotle’s ability to raise prices without any sort of consternation from customers and “above average long-term growth” as other attractive points that deserves an overweight rating. The burrito chain’s current stock price according to JP Morgan yields a highly attractive entry point as the potential for long-term growth is tremendous.