As reported earlier, Argus analyst John Staszak upgraded Chipotle to Buy from Hold with a $540 price target, saying the current valuation does not adequately "reflect prospects for accelerating same-store sales and earnings growth as the company continues its multiyear recovery". The analyst anticipates the new CEO Brian Niccol to boost Chipotle's menu offerings and marketing while the company works through the food safety issues while also improving consumer experience with its online ordering and mobile payment initiatives. Staszak adds that the company's current valuation multiple of 40.9-times expected FY19 earnings is below its 10-year midpoint in the 16-76-times range, even as the growth potential for the stock warrants a multiple in the upper half of that range.