UPDATE: DA Davidson Downgrades Diamond Foods to Neutral Following Q2 Beat, Segment Reorganization

DA Davidson downgraded Diamond Foods (NASDAQ: DMND) from Buy to Neutral and lowered the price target from $20.00 to $17.00.DA Davidson noted, "DMND reduced its reported sales segments to two, previously four, and still does not provide segment EBIT data. In a move that reduces clarity, the company moved away from the useful “Snacks” segment and put Emerald snacks into a newly created “Nuts” segment. However, management only provided FY13 YTD segment data so it will be impossible to use the new segments until the remainder of the FY is reported since we don't know the FY12 base. The move was disappointing given the reduction in clarity. The company has employed an interim CFO for more than a year, since February 2012."Diamond Foods closed at $16.20 on Monday.