01:40 PM EDT, 04/25/2024 (MT Newswires) -- Chipotle Mexican Grill ( CMG ) investors should be pleased with the Q1 results as it is expected to be among the strongest in the restaurant industry, Deutsche Bank said in a note Thursday.

The company surpassed expectations with increased customer traffic driving strong same-store sales and improved restaurant-level margins, the note added.

The company increased its full-year sales guidance due to continued momentum in April, Deutsche Bank said.

The firms said Chipotle's innovation and marketing plans combined with increased efforts on personalized offerings will support multi-year benefits.

Deutsche Bank reiterated its buy rating on the company's stock with a price target of $3,600.

Chipotle shares were up 6% in recent trading.

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