Ann: Ingham's CEO Transition, page-14

I saw this on fnarena. Not really any surprise, but the downgrade may have worried some. They have had a $4 target since August last year.

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6
0	Macquarie	08/06/2018	3	Downgrade to Neutral from Outperform	$4.00	7.82%
1	COMMENTARYCEO, Mick McMahon, will be stepping down at the FY18 results. The transition has come earlier than Macquarie expected. The share price reaction has reflected this development and the strong regard in which the CEO is held, the broker suggests.There is no change to the FY18 outlook, with feed cost increases being recovered via prices, both under contract and on the spot market.While valuation is undemanding, the broker suggests uncertainty over new management is likely to persist until a permanent CEO arrives and there is clarity on the FY19 outlook.Rating is downgraded to Neutral from Outperform. $4.00 target retained.