As previously reported, Seaport Global analyst Brett Hundley downgraded Sensient to Neutral from Buy following the company's "disappointing" Q3 results. The "quarter was an important test on many fronts" as management previously pointed to a long-awaited improvement in trends during this quarter, but the company "fell short," Hundley said. While the company, which announced a strategic review for three of its businesses, has the potential to allocate its balance sheet towards M&A, Hundley said he does not believe that Sensient is a takeout candidate.