UPDATE: Wedbush Cuts Down Chipotle, Shares Break Below $500‏

In a report published Friday, Wedbush analyst Nick Setyan downgraded Chipotle Mexican Grill (NYSE: CMG ) from Outperform to Neutral and maintained a $510.00 price target. Setyan commented that Chipotle's initiatives, mid-2014 price increase and catering roll out is reflected in the company's outperformance of 48.5% since early 2013.