Chipotle did not immediately respond to CNBC’s request for comment.
The move comes just weeks after the Centers for Disease Control and Prevention announced that the fast-casual chain’s E. coli outbreak was over. Chipotle also faced outbreaks of norovirus and salmonella, resulting in at least nine lawsuits, according to the Chicago Tribune.
Chipotle’s same-store-sales trends had shown signs of weakness before its series of foodborne illness outbreaks, Deutsche Bank noted. The analysts blamed a lack of new menu introductions and price increases for the dip.
Deutsche Bank is the first firm to go to a “sell” rating, but this is not the first time Chipotle has been downgraded this year. A majority of analysts now rate the fast-casual chain’s stock as a “hold” when they previously had it at “buy.”