Wall Street expects that Chipotle could surprise to the upside when it releases its first-quarter earnings next week. Chipotle is expected to report earnings of $8.95 per share on revenue of about $2.34 billion, according to consensus expectations on FactSet. The fast casual chain, which boasts an average rating of overweight on FactSet, is set to report results on Apr. 25 . Chipotle shares are 30% higher this year, and have boasted a good track record of double-digit percentage growth. Shares rose in four out of the past five years. They were down in 2022, when they dropped 20%. CMG 5Y mountain Chipotle shares 5-year Wall Street analysts continue to see upside heading into earnings, citing improving traffic and expanding margins at the burrito chain. William Blair analyst Sharon Zackfia reiterated an outperform rating on the stock, saying she expects “modest EPS upside” in Chipotle’s first quarter. The analyst forecasts adjusted per-share earnings to come in at $9.11, which is higher than the consensus expectation. She expects same store sales to rise 9.0%, greater than the 8.6% expected, according to the note. “Chipotle is well positioned to post unit-level margin expansion and 20%-plus EPS growth in 2023 with the added potential positive wildcard of incremental thoughput improvements as staff seasons and new scheduling tools are further optimized,” Blair’s Zackfia wrote in a Wednesday note. Meanwhile, Baird analyst David E. Tarantino maintained an outperform rating on the stock ahead of earnings, and raised his price target to $2,000 from $1,900. The new price target implies more than 10% upside from Wednesday’s close. “We see potential for Q1 comp/EPS estimates to meet or exceed estimates, and we continue to believe the company can show solid absolute and relative performance in upcoming quarters behind improved unit-level operations and other internal drivers,” Tarantino wrote in a Wednesday note to clients. To be sure, he said Chipotle shares “could be due for a short-term rest” after their outperformance this year, though he said they still lean “favorably.” —CNBC’s Michael Bloom contributed to this report.