Goldman Sachs analyst Karen Holthouse downgraded Chipotle Mexican Grill to Neutral saying near-term risks “are mounting.” The analyst sees “on-going cost risk” from Chipotle’s promotional strategy that relies on coupon drops. Further, she points out that even normal events carry the risk of reducing traffic.

As an example, Holthouse notes that Chipotle cleaned a store when an employee got sick and stayed home. The analyst acknowledges that she’s “late to the downgrade” and admits the stock is “inexpensive versus the long-term growth opportunity” at current levels. Nonetheless, Holthouse cut her price target for the shares to $500 from $550. Chipotle closed yesterday up $4.69 to $470.84.