Newell Brands was hit with a "double blow" yesterday as the hits keep coming, Wells Fargo analyst Bonnie Herzog tells investors in a research note. Toys 'R Us preparing for liquidation is a worst-case scenario while yet another board member just resigned, raising concerns that there are deeper issues at Newell, Herzog writes. The analyst says the two developments make her "even more cautious" on the shares. She sees "too much potential downside risk ahead to call the bottom." Herzog expects the stock to remain range bound in the near-term "given continued disruption and limited positive catalysts." She keeps a Market Perform rating on Newell Brands.