** Shares of burrito chain Chipotle Mexican Grill CMG.N up 1.5% at $28.61 premarket

** Brokerage JP Morgan upgrades stock to "overweight" from "neutral", but cuts PT to $35 from $38

** Says a meeting with executives captured management team acknowledging past mistakes and focusing on future opportunities

** Waning consumer confidence gives reason for pause, but expectations and current valuation allow investors to be compensated for crossing that "wall of worry" - brokerage

** "Chipotle offers one of, if not the best value, in restaurant chains with an entry level chicken bowl typically priced at $9-$10 across most major non-high-cost markets," says brokerage

** Sees a rare valuation opportunity as the stock's multiple reflects a more moderate - yet still well above average - growth profile

** 27 of 38 brokerages rate the stock "buy" or higher, and the rest "hold"; with a median PT of $44 - data compiled by LSEG

** Up to last close, stock has fallen ~24% YTD