Shares of Chipotle Mexican Grill Inc. rose Friday after an analyst upgraded them, saying the burrito chain's sales should rise as the economy recovers, and it will be able to add locations steadily for years to come.

Analyst John Glass upgraded Chipotle to "Overweight" from "Underweight" and raised his price target on the stock to $111 from $76.

Chipotle shares added $5.37, or 6.2 percent, to $91.80.

He sees customer traffic increasing thanks to the rebounding economy and Chipotle's new offerings, such as kids meals. And he said Chipotle's prices are 5 percent to 10 percent lower than its competitors' so it could raise prices to bolster its profit margin.

Glass boosted his 2010 earnings estimate to $4.45 per share from $4.08 per share. Analysts polled by Thomson Reuters expect Chipotle to earn $4.09 per share.

Glass said Chipotle is an attractive investment because it could at least double its current restaurant count, to about 2,400 locations. It now operates more than 900.

Chipotle is the only restaurant chain with a market cap of more than $1 billion with that type of growth potential, Glass said.