Chipotle Mexican Grill, Inc. (NYSE:CMG) shot up 7% Friday, crossing the $400 mark after posting stronger than expected second quarter earnings, The Street reports.

Chipotle

Chipotle Mexican Grill, Inc. (NYSE:CMG) released its earnings after the market closed on Thursday, showing a 7.6 percent year-on-year increase in net income and an EPS increase of 10.2 percent. Revenue was up 18.6 percent over the same period, which the company attributes to the opening of 92 new restaurants since the start of the year. Restaurant sales were also up 5.5 percent, also contributing to the company’s success.

Chipotle Stable On Food Price And Costs

There has been some question about when Chipotle Mexican Grill, Inc. (NYSE:CMG) would raise its prices, but that idea has been pushed back for at least the next two quarters. “As a result of the relatively stable food cost and a longer term general forecast of a stable or perhaps even deflationary food cost we do not have any current plans to raise prices for the remainder of 2013,” said CEO Jack Hartung in an earnings report conference call.

Chipotle Investors Raise Their CMG Targets

Before the earnings report was released, analysts had been pessimistic about the firm’s long term prospects. The Street reports that analysts at Piper Jaffray have upped their 12-month price target from $360 to $450, and Bank of America Merrill Lynch analyst Joseph Buckley increased his target to $450 as well, up from $420.

We previously reported that some analysts were encouraging investors to short Chipotle Mexican Grill, Inc. (NYSE:CMG) in the high $300’s.

“The funny thing about Chipotle Mexican Grill, Inc. (NYSE:CMG), the perfect spot to short it at was at $380 and it almost got there… The entry point is up for debate, but it’s almost certain to go down. The p/e seems amazingly high to me,” said Doubleline Capital CEO Jeffrey Gundlach at the beginning of June.

Luckily for him, the trade never went through. “I had the trade order in at $380 and somebody got in front of me and it never got there,” he said. Though if his evaluation of the company stays roughly the same, he could be even more excited about the prospect of shorting Chipotle Mexican Grill, Inc. (NYSE:CMG) in the coming months.