Analysts at Wedbush raised their price target on Chipotle Mexican Grill, Inc. (NYSE:CMG) to $2,150 from $1,800, as they believe the company is poised to see accelerated market share gains in a post-COVID environment, resulting in sustained growth above pre-COVID levels and an expanding premium relative to its pre-COVID valuation.

According to the brokerage, their checks through August point to Q3 SSS growth in the mid-to high-teens range, above 13.6% consensus and guidance of low-to mid-teens. Based on the strength of their checks, they increase the Q3 SSS growth estimate to 15.0% from 12.5%.

The analyst raised their 2021 EPS estimate to $25.58 from $25.32, 2022 EPS estimate to $33.27 from $31.82, and 2023 EPS estimate to $42.66 from $41.30.

The brokerage said that labor efficiencies, dining room capacity recovery, growth in the loyalty program, further price actions, new menu items, and CMG's future promotional cadence are all drivers of sustained SSS growth momentum.