NEW YORK (TheStreet) -- Shares of Chipotle Mexican Grill Inc  (CMG) were rallying, up 2.85% to $629.93 in mid-morning trading Thursday, after the burrito chain was upgraded to "buy" from "hold" by analysts at Miller Tabak earlier today.

Analysts at the firm also upped its price target to $725 from their previous $715.

Miller Tabak believes that Chipotle can deliver an average earnings-per-share growth of at least 25% through 2016.

Analysts added that the decline in food costs, in combination with mid to high single-digit same-store restaurant sales growth could lead to above peer EPS growth figures.

"We also contend CMG's unit pipeline remains solid, and think ShopHouse's pending entry into the Chicago market will presage a period of more rapid expansion for CMG's fast casual Asian concept," the firm wrote in a note.

Miller Tabak also said that the recent pullback in Chipotle shares present an opportunity for solid share price upside in the next few quarters.

Denver-based Chipotle operates Chipotle Mexican Grill restaurants, serving a menu of burritos, tacos, burrito bowls, and salads through its 1,410 restaurant locations.

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 a number of strengths, 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, good cash flow from operations and solid stock price performance. We feel its strengths outweigh the fact that the company shows low profit margins."

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