Chipotle investors have had a rocky 2017 -- as shares climbed as high as $496 in May before dropping, hitting a four year low this summer.
Today, Bank of America analyst Gregory Francfort issued a note arguing there's more downside ahead. The analyst downgraded the fast-casual dining company to "Underperform" and lowered his price target by 27% to $285 per share.
"We believe, assuming no significant tax reform, that 2018 and 2019 consensus EPS needs to drop at least 10%," Francfort wrote in his note released earlier today. If tax reform is approved however, Francfort sees Chipotle as "one of the most positively impacted restaurant companies."