DA Davidson analyst Michael Kawamoto downgraded Nautilus to Neutral from Buy and lowered his price target to $9 from $18, saying the company is facing a number of near-term headwinds. The analyst notes that the company's Direct segment faced more pressure than expected, with the ramp of its Max Intelligence platform taking longer than anticipated. Kawamoto also sees the Retail segment of Nautilus faced with protracted inventory clearing period. Given diminished visibility to earnings, the analyst sees less upside for the shares as he lowers his FY19 EPS outlook to 52c from $1.17.