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Stock Upgrades: Chipotle Mexican Grill Can Go Mile High

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Wall Street ratings agencies set the tone for today's stock market.

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A Wall Street titan once gave Denver's Chipotle Mexican Grill (NYSE:CMG) short shrift, saying that the "gourmet burrito is an oxymoron." Its stock -- a longtime momentum darling now going for a song -- is a similar bundle of contradictions. The stock fell 5.94% on Thursday, having touched an historic high exactly one month ago today. Rising commodity costs contributed to the fast-food firm recently missing Wall Street estimates by $0.22. Yet today the calorie king from Mile-High City gets a boost to, appropriately enough, "Overweight" at JPMorgan (NYSE:JPM). Oppenheimer also advises adding to positions after recent weakness, citing impressive earnings visibility and solid top-line earnings growth. Shares are showing strength this morning as a result of the increased analyst optimism.
 
Just in time for Weed Day, stocks got seriously high. Dow Industrials (INDEXDJX:.DJI), up 2.38% in four holiday-shortened sessions, enjoyed their best week of 2014. Investors clearly answered the question of "Can we?" in the affirmative by saying, "Yes, we cannabis." Although, interestingly enough, Starbucks (NASDAQ:SBUX) has clearly had its fill of Amsterdam's coffee shops and announced it was moving to the land of tea. For those who are more partial to Coke, Coca-Cola (NYSE:KO) jumped 5.4% in its best showing for five years. Clearly, the world's largest soda maker didn't get the memo that its principal product is more unpopular than ever. And, in a week when we remembered Moses and his tablets, it looks like Apple's (NASDAQ:AAPL) version may now need a miracle to meet expectations.
 
This morning in economics, March leading indicators are expected to tick up at 10:00 a.m. EDT. Peak earnings week is here, with Halliburton (NYSE:HAL), Hasbro (NYSE:HAS), and Netflix (NASDAQ:NFLX) all due to release results today.
 
Now let's turn to this morning's analyst upgrades, an eclectic bunch that includes a commodity company and financial firm in addition to Chipotle Mexican Grill.

Arch Coal (NYSE:ACI): The coal company gets upgraded to Neutral from Sell at Goldman Sachs. Its price objective, previously $3, increases to $5.
 
Armstrong World Industries (NYSE:AWI): KeyBanc Capital Markets moves the stock to Buy from Hold.
 
Badger Meter (NYSE:BMI): BMI gets an Outperform-from-Neutral boost by Robert W. Baird, which cites its industry-leading offerings. Its target price is also taken up by $3 to $57.
 
Big Lots (NYSE:BIG): Piper Jaffray juices its recommendation to Overweight from Neutral.
 
Boston Properties (NYSE:BXP): Shares are moved to Outperform from Market Perform at Cowen.
 
Chipotle Mexican Grill: JPMorgan gives CMG an Overweight-from-Neutral upgrade.
 
Cornerstone OnDemand (NASDAQ:CSOD): The stock is now Buy from Neutral at UBS.
 
Dynegy (NYSE:DYN): UBS increases its investment assessment to Buy from Neutral.
 
Hub Group (NASDAQ:HUBG): Shares are lifted to Buy from Neutral at Longbow.
 
Morgan Stanley (NYSE:MS): Nomura upgrades its fellow financial firm to Buy from Neutral.
 
Time Warner Cable (NYSE:TWC): TWC gets taken to Buy from Hold with a $165 objective at Brean Capital, which cites benefits from its proposed acquisition by Comcast (NASDAQ:CMCSA) ($60 target).
 
V.F. Corp (NYSE:VFC): Shares are now Positive from Neutral at Susquehanna.
 
Watts Water (NYSE:WTS): Oppenheimer raises its rating to Outperform from Perform with a $70 price objective amid a residential rebound in the U.S.
 
Zimmer Holdings (NYSE:ZMH): The medical device maker is hoisted to Buy from Hold at Cantor Fitzgerald.

Also see:

New Stock Coverage: Pacira Pharmaceuticals Is Just What the Doctor Ordered

Stock Downgrades: Taco Bell Owner Yum Brands Heads South

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No positions in stocks mentioned.
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