Credit Suisse analyst Kaumil Gajrawala downgraded Oatly Group to Neutral from Outperform with a price target of $3.43, down from $6. The analyst expects a “particularly volatile consumer environment” in Europe and Asia. Inflation and “unpredictable lockdowns” have already hurt Oatly’s ability to compete against peers with more capacity, Gajrawala tells investors in a research note. The analyst believes these headwinds will strengthen with colder months ahead, delaying the company’s growth and margin story “yet again.”