Shares of Chipotle Mexican Grill (NYSE:CMG) have soared 52% over the past year and have tripled from the lows hit last March, but Piper Sandler analyst Nicole Miller Regan says there's a lot more to come from the restaurant chain. On Tuesday, she raised her price target on the Mexican-food leader to $1,835 per share.

In a research note to investors, the analyst said Chipotle was moving from strength to strength and is "turning the page of recovery to an accelerated growth chapter."

Chipotle Mexican Grill sign

Image source: Chipotle Mexican Grill.

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The restaurant industry was devastated by the COVID-19 pandemic as lockdowns and stay-at-home orders cleared out dining rooms. Chains that had an established off-premise business fared better than their sit-down counterparts, and though you could sit down at table at Chipotle, it was mostly set up as a grab-and-go operation.

Miller Regan contends the restaurant stands ready to capitalize on its product innovation, development pipeline, and productivity gains at its new restaurants. For example, Chipotle just introduced a cauliflower rice dish that aims to tie into the healthier low-carb trend, and at the start of the year when consumers are still sticking to their New Year's resolutions to lose weight, it could be a popular item.

The analyst already had an elevated price target of $1,745 per share, 32% above Chipotle's $1,319-per-share closing price yesterday, but her new target level suggests there's about 40% upside still in the Mexican-food joint's stock.

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