Shares in gourmet pizza chain California Pizza Kitchen Inc. fell nearly 10 percent early Thursday after an analyst downgraded shares in the company, saying lower consumer spending and higher costs could present a problem.

Robert W. Baird analyst David Tarantino said in a research report Thursday that California Pizza Kitchen should “use a cautious approach” in updating its full-year guidance when the company reports its second-quarter results next week.

He said that as gasoline prices stay high, the company is seeing lower traffic. And because food is more expensive, especially cheese, costs are up.

He added that the company’s exposure to regions that have been hit hard by the housing market slump, especially California, may lower profit.

Shares in California Pizza Kitchen were down 8.7 percent to $12.71 in early trading Thursday.