Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC) Downgrade Chipotle (NYSE:CMG) on Rising Food Prices, Goldman (NYSE:GS) Still Likes Them

Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC) were among four companies downgrading Chipotle Mexican Grill (NYSE:CMG), as food companies like Kellogg (NYSE:K) and Kraft (NYSE:KFT) are warning of the need to raise prices because of increasing food costs.

Miller Tabak and Morgan Keegan also downgraded Chipotle, but Goldman Sachs is going against the grain, maintaining "Buy" rating on the restaurant chain.

Goldman noted that Chipotle's sales growth will be able to overcome the higher costs of food.

They Chipotle is "the best growth story within our coverage universe and believe the company is still very early in its long-term growth trajectory."

Goldman raised their price target on Chipotle from $285 to $310.