Chipotle Mexican Grill Inc. (NYSE:CMG) on Wednesday posted better-than-expected second-quarter results.

Chipotle Mexican Grill reported quarterly earnings of 33 cents per share, which beat the analyst consensus estimate of 32 cents, according to Benzinga Pro data. Quarterly revenue came in at $3.35 billion, which beat the analyst consensus estimate of $3.33 billion and was up from $3.06 billion in the same period last year.

"Our positive results reflect the momentum we’re building as our Recipe for Growth strategy continues to take shape," said CEO Scott Boatwright.

Chipotle shares gained 8.4% to $37.10 in pre-market trading.

These analysts made changes to their price targets on Chipotle following earnings announcement.

• Stephens & Co. analyst Jim Salera maintained the stock with an Equal-Weight rating and raised the price target from $36 to $40.
• Morgan Stanley analyst Brian Harbour maintained the stock with an Equal-Weight rating and boosted the price target from $37 to $39.
• BTIG analyst Peter Saleh reiterated the stock with a Buy and maintained a $45 price target.

Considering buying CMG stock? Here’s what analysts think:

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