BUZZ-Sports Direct: broker downgrades hit shares, now down a third this yr

** Sports Direct down c.5 pct, second-largest loser on the FTSE 100, after Haitong Research and Numis cut ratings on the stock

** Haitong Research cuts to "neutral" and slashes longstanding fair value to 430p from 850p; Numis cuts to "hold" from "buy"

** "There remains low visibility on the business financials and we cannot rule out making further forecast reductions," Haitong Research says in a note

** Britain's biggest sportswear retailer last week warned its annual profit could be up to 40 million pounds lower than guidance issued less than a month ago

** Numis lowers Sports Direct forecasts for FY16 and FY17 following the profit warning

** Sports Direct has been under fire from media, investors and politicians over its working practices and its December update also disappointed

** Stock already down 33 pct this yr (RM (LSE: RM.L - news) : aastha.agnihotri.thomsonreuters.com@reuters.net)