shares of Chipotle Mexican Grill, Inc. CMG surged into early trading on Wednesday after the company reported optimistic quarterly earnings on price increases. Here are some key analyst takeaways from the conference call.

Morgan Stanley on the Mexican Chipotle Grill

Analyst Brian Harbor reiterated an Equal Weight rating and raised the price target to $1,910 from $1,743.

Chipotle Mexican Grill reported a “clean hit” with “solid selling trends” in its first-quarter results, Harbor said in a note.

The company demonstrated strong operational execution and delivered robust unit growth “that is not subject to franchisee sentiment or changes in the near-term funding environment and is therefore, in our view, fairly certain,” the analyst wrote. “Bring back traffic questions, margins for now, and leave a clearer growth narrative,” he added.

William Blair on Chipotle Mexican Grill

Analyst Sharon Zackfia kept an Outperform rating on the stock.

“Chipotle’s earnings per share for the first quarter were well above our/our consensus expectations. expected G&A and a benefit of about $0.35 from a lower than expected tax rate,” Zackfia wrote.

While traffic trends in April “remained similar to Q1,” she added that footfall among lower-income customers “recovered somewhat compared to the second half of 2022.”

Stephens On Chipotle Mexican Grill

analyst Joshua Long reconfirmed an overweight stance while the price target was raised to $2,000 from $1,970.

Chipotle Mexican Grill’s quarterly results were strong, “including a top-line hit on positive traffic that resulted in better-than-expected restaurant-level margins, resulting in higher-than-expected adj. EPS,” said Long.

“Unit growth was weaker than expected reflecting continued push/pulls in the supply chain, but Chipotle…