Where next for the A2 Milk (ASX:A2M) share price?

The A2 Milk Company Ltd (ASX: A2M) share price has been well and truly out of form over the last 12 months.

During this time, the infant formula company’s shares have lost 42% of their value.

Why is the a2 Milk share price underperforming?

The a2 Milk share price has come under significant pressure over the last 12 months due to significant weakness in the daigou channel.

In addition, management’s failure to ascertain just how long this weakness would go on for has also weighed on its shares. This has led to the company downgrading its guidance for FY 2021 on two occasions.

Is this a buying opportunity?

Analysts at Goldman Sachs aren’t sure that now is the time to invest and have just held firm with their neutral rating and…