Merriman Curhan downgraded Nautilus (NLS

) to neutral from buy, citing a delay in improving cash flow trends.

Analyst Eric Wold thinks investors may have to wait until late summer (when the company's third quarter to fourth quarter retail orders are in hand) before some good news materializes from the company. He sees more downside risk in the near-term than upside potential. He cut his $1.13 2006 earnings per share (EPS) estimate to $1.08.