Refiles to correct Reuters Instrument Code in the first bullet

** Citi downgrades New Zealand's a2 Milk ATM.NZ to "neutral" from "buy" rating, citing several datapoints that made the brokerage "incrementally" more cautious on the dairy producer's near-term expectations

** Brokerage says no changes to earnings forecasts made, but lowers recommendation as stock price are currently over-valued

** Citi says softening port data, profit warning of company's overseas peer, China Feihe 6186.HK, due to factors, including a reduction in channel inventory to manage freshness and quality, weighing on expectations

** Birth rate spikes because of the Chinese traditional Dragon year have not reached "stage 3" consumer phase and create uncertainty ahead of August 18 full-year results - brokerage

** Four of 10 analysts rate the stock "buy" or higher, and six rate it "hold", their median PT is A$7.55, according to data complied by LSEG

** Stock up 31.7% YTD, as of last close

(Reporting by Anjali Singh in Bengaluru)

((anjali.singh2@thomsonreuters.com;))