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Updated from 11:58 am to add comment from Chipotle.

Chipotle (CMG) - Get Chipotle Mexican Grill Inc. Report  shares were falling Thursday after BMO Capital Markets analyst Andrew Strelzik downgraded the stock to underperform from market perform on concerns over the spread of African swine fever.

The stock declined 5.91% to $664.32.

The price target also was lowered to $620 from $675. The analyst said the spread of African swine fever could inflate protein prices as early as the third quarter, he said in a note Thursday. 

"We believe the potential magnitude and duration of [African swine fever] impacts to margins is under-appreciated, and CMG is among the restaurants most at risk," Strelzik said.

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A spokesperson from Chipotle said the BMO analysis is not accurate:

"The cost of our pork represents less than 2% of Chipotle's total food costs. Since we purchase higher quality, more expensive pork than commodity pork, and we have pricing agreements in place, we don't expect a significant impact on our costs," Chipotle said in an email.

In the past four years and seven months, BMO has rated Chipotle market perform twice and outperform once.

Chipotle has nine buys, 15 holds, seven sells, according to Bloomberg. Chipotle's consensus price target is $682.69.

Hormel Foods (HRL) - Get Hormel Foods Corporation Report Thursday warned that the impact of African swine fever on hog and pork prices affected its quarterly sales, and would continue to impact revenue and earnings.