Chipotle Mexican Grill (NYSE: CMG) has always been an outlier of a restaurant stock, a factor that was behind a recent price target increase from an analyst. According to him, the fast-casual chain operator, which is heading for the first stock split in its history and trades over $3,000 now, is deserving of a price tag approaching $4,000. Here's a brief look at this recent evaluation.

That boost clocked in at over 12%, as Evercore ISI's David Palmer upped his Chipotle target from $3,200 per share to $3,600. At the risk of stating the obvious, this is a pre-stock split price; that piece of financial engineering is subject to shareholder approval in a vote to be taken at the company's June annual meeting.

Like many recent changes in analyst evaluations, Palmer's modification came just after Chipotle unveiled quarterly results.

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Source Fool.com