Chipotle's industry-leading growth and profitability show why the stock trades at an expensive valuation.Share prices of Chipotle Mexican Grill (CMG 2.27%) rose to new highs following another strong earnings report. In the first quarter, the company's revenue and earnings beat the Street's estimates, leading analysts at Baird to bump their price target.The firm maintained an outperform (buy) rating on the shares and raised the 12-month price target from $3,250 to $3,500, or just under 10% higher than the cu ...