Share prices of Chipotle Mexican Grill (NYSE: CMG) rose to new highs following another strong earnings report. In the first quarter, the company's revenue and earnings beat the Street's estimates, leading analysts at Baird to bump their price target.

The firm maintained an outperform (buy) rating on the shares and raised the 12-month price target from $3,250 to $3,500, or just under 10% higher than the current share price of around $3,185. Be aware that this price target total will change if Chipotle shareholders approve a proposed 50-for-1 stock split sometime in June.

Chipotle has long been one of the top-performing restaurant chains in the industry, and its first-quarter update continued to validate that position. A solid comparable sales increase of 7% combined with 47 new restaurant openings helped drive a 14% year-over-year increase in total revenue.

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Source Fool.com