Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Chipotle (CMG) coverage resumed with an Outperform at Bernstein as the firm believes the worst is behind for the company, while expectations for its revenue remain muted. 2. Yum! Brands (YUM) coverage resumed with an Outperform at Bernstein because the firm believes that the company is pursuing the correct strategy in China. The firm thinks that the company meet lowered comp expectations there. 3. McDonald's (MCD) coverage resumed with a Market Perform at Bernstein as the firm said that McDonald's may not deliver any additional comp drivers for some time as it tests a national value platform and more regionalized menu innovation. 4. Shire (SHPG) initiated with a Buy at Stifel by analyst Annabel Samimiy, who said the company now holds a leading position among its BioPharmaceutical peers. Samimy adds that Shire will further diversify its portfolio, doubling its size and breadth with three new platforms and bringing stable cash flow to drive its strategic growth plans through 2020 and beyond. 5. Etsy (ETSY) initiated with a Buy at Maxim. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Wells Fargo raised the firm's price target on Chipotle to $3,300 from $3,285 and keeps an Overweight rating on the shares. The firm says that Chipotle's Q1 impressed with +7% comps, +5.4% traffic and accelerating Q2 on tap. Throughput initiatives are resonating, the FY24 comp guide steps up and Wells' estimates grind higher.

Baird raised the firm's price target on Chipotle to $3,500 from $3,250 and keeps an Outperform rating on the shares. The firm raised its estimates and target following Q1 results and still sees a favorable risk/reward on shares for investors with a 6-12 month horizon, as they believe premium valuation metrics can be supported by the company's strong near-term operating momentum.

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For 2024, management is anticipating the following: Full year comparable restaurant sales growth in the mid to high-single digit range; 285 to 315 new restaurant openings with over 80% having a Chipotlane. An estimated underlying effective full year tax rate between 25% and 27% before discrete items.

Reports Q1 revenue $2.7B, consensus $2.67B. Comparable restaurant sales increased 7.0%. "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. 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," said Brian Niccol, Chairman and CEO, Chipotle.

Pre-earnings options volume in Chipotle is 1.5x normal with puts leading calls 9:7. Implied volatility suggests the market is anticipating a move near 5.3%, or $154.14, after results are released. Median move over the past eight quarters is 7.0%.

Notable companies reporting after the market close, with earnings consensus, include Meta Plataforms (META), consensus $4.32... IBM (IBM), consensus $1.60... ServiceNow (NOW), consensus $3.14... Lam Research (LRCX), consensus $7.30... Chipotle Mexican Grill (CMG), consensus $11.68... O'Reilly Automotive (ORLY), consensus $9.26... Ford Motor (F), consensus 42c... United Rentals (URI), consensus $8.32... Align Technology (ALGN), consensus $1.97... Molina Healthcare (MOH), consensus $5.59... Teradyne (TER), consensus 33c... Universa Health Services (UHS), consensus $3.16... Western Union (WU), consensus 41c.

Citi lowered the firm's price target on Yum! Brands to $162 from $166 and keeps a Buy rating on the shares ahead of the Q1 report. The analyst expects Yum continues to voice confidence in 5% unit growth, and its digital initiatives are growing sales for franchisees. The firm views the company's near-term outlook as "shakier" than the long-term.