NEW YORK (TheStreet) -- Shares of Chipotle Mexican Grill (CMG) - Get Report are up 1.11% to $662 in early trading today after Credit Suisse initiated coverage on the stock with an "outperform" rating and price target of $785.

"CMG offers the best combination of growth and store-level returns in the restaurant industry, and those stories don't come cheap," analysts said.

However, given a recent pullback, the stock is trading near an all-time low relative to the group, analysts noted.

"Chipotle continues to gain share in the highest-growth segment of the industry, fast casual. CMG currently holds less than 1% share of the U.S. restaurant industry overall (versus about 8% for McDonald's Corp (MCD) - Get Report though the company is best positioned to capitalize on consumer preferences for authentic, high-quality food served in a fast, customizable format (at reasonable prices and with no tip!)," analysts observed.

Investors seem most concerned about a flattening of same-store sales trends against very difficult compares, but Credit Suisse sees this as a low-probability event given lifts from embedded pricing, catering/mobile ordering, growing brand awareness, and macro/gas tailwinds.

Separately, TheStreet Ratings team rates CHIPOTLE MEXICAN GRILL INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate CHIPOTLE MEXICAN GRILL INC (CMG) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, impressive record of earnings per share growth, compelling growth in net income, notable return on equity and solid stock price performance. We feel these strengths outweigh the fact that the company shows weak operating cash flow."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

• The revenue growth greatly exceeded the industry average of 7.6%. Since the same quarter one year prior, revenues rose by 26.7%. Growth in the company's revenue appears to have helped boost the earnings per share.
• CHIPOTLE MEXICAN GRILL INC reported significant earnings per share improvement in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past two years. We feel that this trend should continue. During the past fiscal year, CHIPOTLE MEXICAN GRILL INC increased its bottom line by earning $14.13 versus $10.46 in the prior year. This year, the market expects an improvement in earnings ($17.25 versus $14.13).
• The net income growth from the same quarter one year ago has significantly exceeded that of the S&P 500 and the Hotels, Restaurants & Leisure industry. The net income increased by 52.3% when compared to the same quarter one year prior, rising from $79.62 million to $121.23 million.
• Compared to where it was a year ago today, the stock is now trading at a higher level, reflecting both the market's overall trend during that period and the fact that the company's earnings growth has been robust. The stock's price rise over the last year has driven it to a level which is somewhat expensive compared to the rest of its industry. We feel, however, that other strengths this company displays justify these higher price levels.
• The return on equity has improved slightly when compared to the same quarter one year prior. This can be construed as a modest strength in the organization. Compared to other companies in the Hotels, Restaurants & Leisure industry and the overall market on the basis of return on equity, CHIPOTLE MEXICAN GRILL INC has underperformed in comparison with the industry average, but has exceeded that of the S&P 500.
• You can view the full analysis from the report here: CMG Ratings Report