Piper Sandler upgrades Chipotle Mexican Grill to 'overweight' rating

** Burrito chain Chipotle Mexican Grill CMG.N shares up ~0.79% to $41.95 premarket

** Piper Sandler upgrades CMG to "overweight" from "neutral" rating, saying co has attractive risk reward profile

** "At present we think a lot of the bad has already been priced in with shares down ~31% YTD," says Piper Sandler

** Brokerage cut PT to $50, which still represents a 20% upside to stock's last close

** Twenty-seven of 36 brokerages rate the stock "buy" or higher, nine "hold"; their median PT is $60 - LSEG data

** As of last close, stock down ~31% YTD