Exane BNP Paribas has cut its recommendation on Sports Direct (LON:SPD) to 'underperform' from 'neutral' in its note on general retail stocks, today.
The City broker reckons the investment case has unravelled at pace, given recent negative press and the re-emergence of corporate governance fears.
It added: "A more conciliatory approach appears to be being taken, but these issues are overlaying some broader structural problems that are developing."
Analysts have revised their target price to 285 pence per share (from 280 pence).
Pre-tax profit forecasts have been cut for fiscal years 2017 and 2018 by 8 and 15 per cent, respectively.
At 2:17pm: (LON:SPD) Sports Direct International PLC share price was +10.15p at 330.75p