BNP Paribas reiterated an Underperform rating with a $35 price target, citing challenges in China. A key distributor, Pou Sheng, issued a profit warning, raising concerns about consumer demand and inventory. Analysts flag the possibility of a major restructuring in China, highlighting pressure on the distribution model. The company's third-quarter earnings release date was announced. Options market activity shows surging implied volatility, indicating investor uncertainty ahead of the results.