Shares of Chipotle Mexican Grill, Inc. (CMG - Get Report) have been volatile enough to make investors sick.

The stock originally made multi-year lows in November, but had been working steadily higher since then. However, the company's ill-received earnings report on Feb. 6, coupled with a market-wide pullback, drained Chipotle stock down to new lows around $250.

For reference, this stock was knocking on $500 in May.

However, earlier this month the company named Brian Niccol as its new CEO. The move received plenty of praise from Wall Street, as Niccol was serving as the CEO of Taco Bell (part of Yum! Brands, Inc. (YUM - Get Report) ) at the time.

Shares are up 24% since, most recently closing near $311. However, another 24% rally could be in the cards according to Baird analyst David Tarantino.

On Tuesday, Tarantino upgraded Chipotle stock to outperform from neutral and raised his price target to $400 from $315. Shares ended Tuesday up 2.36% to $319.15 in response, while the new price target implies about 24% upside to current prices.

Brian Niccol, the new CEO of Chipotle.
Brian Niccol, the new CEO of Chipotle.

Tarantino says Niccol should be a positive for the company and also argues that Chipotle has a chance to "demonstrate better sales/traffic momentum over the next 12-24 months."

He further contends that Chipotle's earnings power could increase should unit volumes recover.

It's been a difficult road for Chipotle. Once seen as a darling on Wall Street, it has struggled since a series of E.coli and norovirus incidences left the fast-casual diner gasping for growth that once came so easily. The stock is basically flat over the past five years and is a long ways from its highs near $750 made in 2015.

This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.