Chipotle Mexican Grill (CMG) is trading above $500 on a positively perceived quarterly report. Some key numbers were as follows: Comp sales were 17.8% versus 15.5% consensus. Restaurant-level operating margin soared to 17.7%, up from 6.8% last year. EPS of $1.60 versus $1.27 estimates. Revenue of $1.07 billion, up 28.2% over last year. The results were clearly better than expectations, but the stock already had soared over $100 off the lows and recently traded below $400 in March. The market appears very fixated on the growing comp sales though those numbers are still far below the 2015 levels prior to the health scare. Remember that Q1 was the peak of the scare so the comps for the rest of the year have a much higher comparison. Even if the large EPS beat equates to the current EPS target of $8.15 for 2017 jumps to $10.00 now, the stock already trades at 50x those estimates. The risks just appear exceptionally high here knowing that one health issue in one of the 2,291 stores would crush the stock. Bottomline: The Q1 results were good in comparison to analyst estimates, but the numbers aren't good in comparison to the last time that Chipotle traded above $500. Disclosure: No position