Morgan Stanley analyst John Glass said the positive response in Chipotle shares yesterday after the company reported positive comps for the month of December may be an example of the market "overreacting and misinterpreting" the data, arguing that on two-year stack basis that the data actually showed a worsening two-year trend in December and early January. Glass lowered his FY17 EPS estimate to $7.83 from $8.95 due to the impact of labor costs on margins and keeps an Equal Weight rating and $405 price target on Chipotle shares.

Raymond James analyst Brian Vaccaro raised the firm's price target on Chipotle (CMG) to $3,300 from $3,200 and keeps an Outperform rating on the shares. The firm maintains a selective stance towards its restaurant coverage universe as industry sales have underwhelmed in recent months, causing Raymond James to increasingly favor stocks it view as having "idiosyncratic factors trading at attractive valuations," such as Brinker (EAT), Shake Shack (SHAK), First Watch (FWRG) and Bloomin' Brands (BLMN), the analyst tells investors in a group earnings preview note.

Chipotle Mexican Grill announced the opening of its first location in Kuwait City in partnership with leading international franchise retail operator Alshaya Group. The restaurant has been operating with adjusted hours since the beginning of the month to account for holidays and training and will hold its official grand opening on April 23. Chipotle's location in Kuwait marks the first time the company has entered a new country in over 10 years. The new restaurant is located at The Avenues, Kuwait's largest shopping mall and a hub for international and local brands with over 1,100 stores and approximately one million visitors per week.