BUZZ-Sports Direct: Exane cuts to "neutral"
** Retailer Sports Direct's shares down 3 pct, second-largest FTSE 250 losers, after Exane BNP Paribas cuts to "neutral" from "outperform", PT by 26 pct to 280p
** Exane analysts say unhedged USD purchases will leave margins exposed, add full implications of Brexit remain unclear
** Analysts cut their FY pretax profit forecast by about 35 pct, forecast gross margin decline of 450 basis point
** Shares (Berlin: DI6.BE - news) down nearly 30 pct from June 23 to Monday's close (venkateshasoumithri.mamidipudi.thomsonreuters.com@reuters.net)