One take is this- downgrade is not unexpected since everyone hates the sector. And maybe it helps - lower sentiment and expectations. Then - after APHA suffered the chastisement of the winter and spring- they have been quietly focusing on improving their numbers and sticking to their knitting under a new CEO. Will result in a solid surprise to the upside on earnings. Followed on in Aug and Sept with edible anticipation. A semi-bull scenario.
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