Chipotle jumps after quarterly comparable sales beat

** Shares of burrito chain Chipotle Mexican Grill CMG.N rise ~7% to $30.7 premarket

** Co topped expectations for comparable sales on Wednesday, as promotional efforts, seasonal menu items, and higher prices boosted customer traffic

** Third-quarter comparable restaurant sales rose 2.1%, beating analysts' estimates for a 1.4% increase

** Co reported a 9.6% increase in revenue to $3.29 billion, in line with expectations, while higher labor, freight, and beef expenses weighed on profit, which came in at 27 cents per share versus estimates of 29 cents

** J.P. Morgan says there is sufficient scope for operational improvements and marketing initiatives to drive higher traffic and support a return to stable margins

** 24 of 37 brokerages rate the stock "buy" or higher, 13 "hold"; their median PT is $40 - LSEG-compiled data

** As of last day's close, stock down 22.2% YTD