While many fast food restaurants have been stressing bargains to entice hard-pressed consumers, Chipotle Mexican Grill had the audacity to raise prices recently.

Enough fans have kept coming through the doors that the chain is outperforming its closest competitors -- and most of the rest of the fast-food world.

At restaurants open more than a year, Chipotle's revenue grew 2.2% in the first quarter, compared with just 0.7% at Panera Bread, a direct rival because, like Chipotle, it charges a few dollars more for fast-food meals than bigger chains do.

And though a lot of consumers are "trading down" to save money, many of the lower-price chains can't keep up with Chipotle. Comparable sales growth at Wendy's/Arby's Group and Burger King was just 1% in the first quarter.

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Chipotle is bucking another trend by continuing to launch lots of restaurants. That expansion helped fuel 16% overall first-quarter revenue growth at Chipotle, compared with a 1.8% revenue increase at McDonald's, after adjustments for the impact of currency moves.

Analysts chalk it up to the popularity of Mexican cuisine, quality ingredients and choice. Chipotle customizes burritos for customers as they follow their meal through an assembly line.

Earnings grew 50% in the first quarter, which makes Chipotle stock attractive given how cheap it is, according to analysts at Validea.com. Chipotle's PEG ratio -- its price-to-earnings ratio divided by its growth rate -- is just 0.62, well below the industry average of 0.9, says John Reese at Validea. That makes Chipotle the kind of stock that Peter Lynch -- who popularized the PEG ratio as a measure of a stock's hidden value -- would love.

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