Chipotle Mexican Grill Inc ( CMG ) shares are trading higher Thursday after the company reported better-than-expected financial results. Multiple analysts raised price targets on the stock following the print.

Q1 Revenue: $2.702 billion, versus estimates of $2.675 billion

Q1 EPS: $13.37, versus estimates of $11.68

Chipotle’s total first-quarter revenue was up 14.1% on a year-over-year basis. Comparable restaurant sales increased 7% year-over-year due to higher transactions and a 1.6% increase in average check. Digital sales represented 36.5% of food and beverage revenue. Operating margin was 16.3% in the first quarter, up from 15.5% year-over-year.

Chipotle said it opened 47 new restaurants in the quarter, and 43 of those locations included a Chipotlane. The company also repurchased $25 million of its stock during the first quarter and has $399.1 million remaining under its share repurchase authorization. 

"We had another outstanding quarter driven by our improvement in throughput and successful marketing initiatives, including Braised Beef Barbacoa and Chicken Al Pastor, which drove strong sales and transactions," said Brian Niccol, chairman and CEO of Chipotle.

"The results we are seeing from our focus on developing exceptional people, preparing delicious food and fast throughput gives me confidence that we can achieve our long-term target of more than doubling our business in North America and expanding internationally." 

Chipotle said it expects full-year 2024 comparable restaurant sales growth to be in the mid- to high-single-digit range. The company anticipates opening between 285 and 315 new restaurants in 2024 with over 80% including a Chipotlane.

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Analyst Changes:

TD Cowen analyst Andrew Charles maintained Chipotle with a Buy and raised the price target from $3,400 to $3,500.

Stephens & Co. analyst Jim Salera maintained Chipotle with an Equal-Weight and raised the price target from $3,010 to $3,050.

Baird analyst David Tarantino maintained Chipotle with an Outperform and raised the price target from $3,250 to $3,500.

Wedbush analyst Nick Setyan maintained Chipotle with a Neutral and raised the price target from $2,850 to $3,200.

Oppenheimer analyst Brian Bittner reiterated Chipotle with an Outperform and raised the price target from $2,825 to $3,300.

CMG Price Action: Chipotle shares were up 4.04% at $3,045 at the time of writing, according to Benzinga Pro.