Leading broker downgrades a2 Milk (ASX:A2M) shares

The A2 Milk Company Ltd (ASX: A2M) share price has come under pressure again on Wednesday and is dropping lower.

In afternoon trade, the infant formula and fresh milk company’s shares are down 1.5% to $10.42.

This latest decline means the a2 Milk share price is now down 48% from its 52-week high.

Why is the a2 Milk share price under pressure?

The a2 Milk share price has fallen heavily since the release of a disappointing update last month.

That update revealed that the company has experienced a significant decline in sales in the important daigou channel. So much so, it was forced to downgrade both its first half and full year guidance.

In respect to the latter, a2 Milk now expects revenue to be in the range of NZ$1.4 billion to…