The other winner, one that has very strong traffic trends, Bernstein said, has historically been Chipotle. However, if Chipotle raises prices, it may potentially damage further traffic.
He said the real challenge is managing investor expectations, as growth inherently slows overtime.
While Chipotle is in no rush to take on pricing, the company said it will first watch how the competitive market plays out in the next couple of quarters.
Bernstein maintains a $290 price target.
Whether or not the restaurant chain decides to raise its prices in the future, another analyst said that price change will not affect the company's market share.
Stephen Anderson, analyst at Miller Tabak, said traffic trends from the third quarter really did not change when Taco Bell introduced its new menu back in July.
"Taco Bell's products are coming from the same kitchens and condiments," he said. "Chipotle is a different product that has a different customer experience."
Anderson has a "buy" rating and a $335 price target on Chipotle shares.
—By CNBC.com's Kristine Mamanta
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Barclays Bank PLC and/or an affiliate is a market-maker and/or liquidity provider in securities issued by Chipotle Mexican Grill.