Why Chipotle Mexican Grill (CMG) Stock Is Soaring Today

NEW YORK (TheStreet) -- Shares of Chipotle Mexican Grill Inc. (CMG) are higher by 10.57% to $652.30 in pre-market trading on Tuesday after the company reported a 25.5% increase in net income to $110.3 million for the 2014 second quarter, over the same period last year.

The chain restaurant's diluted earnings per share were $3.50, a 24.1% increase from the 2013 second quarter.

Revenue totaled $1.05 billion for the most recent quarter, a 28.6% growth from the same quarter the previous year.

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As a result of its strong earnings results Barclays (BCS) upped its price target on Chipotle to $690 from $600.

Jefferies Group (JEF) also raised its numbers on Chipotle to $600 from $535.

CMG Chart CMG data by YCharts

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