Chipotle is up 12% to $US659.68 this morning.
Chipotle crushed Q2 expectations on Monday, with earnings of $US3.50 per share, on revenue of $US1.05 billion, coming in higher than expectations for $US3.09 per share on $US989.7 million. Comp sales also surged 17.3%.
Now, Robert M Derrington at Wunderlich Securities has raised his price target to $US680, from $US560.
He also raised his 2014 earnings per share (EPS) target to $US13.50 from $US12.60.