Chipotle Mexican Grill, Inc.'s biggest threat could be from Panera Bread Co , according to a note by UBS.A Potent ThreatAnalyst Dennis Geiger expects Chipotle's sales driving initiatives across technology, operations, menu and marketing to support gains in 2017."However, a still weak industry backdrop and heightened competition, which we expect will persist, remain potential headwinds to a meaningful recovery", the analyst cautioned.UBS' analysis showed that Chipotle is facing notable competitive overlap within fast causal from Panera, with about 87 percent of Chipotles competing with Panera within a 10-minute drive. Among Mexican formats, the firm noted maximum overlap was with Qdoba, at 34 percent.Though having less competitive overlap with smaller, emerging fast casual Mexican brands, UBS thinks these concepts are exhibiting significant growth rates, while also increasing competition for attractive market/site selection.Source