I have to weigh in here -- I can't tell you exactly why (hint: it's got nothing to do with Britney, for whom my contempt knows no limits.)
There ARE some really first class minds (and honest people, too, sometimes one and the same) working on "Wall St." If IKAN had crashed and burned after having gone public -- NOTE: You can't dismiss it as a possibility even now -- one would have to sing the praises of any analyst who didn't jump on the bandwagon.
I do NOT know the analyst in question, certainly not his or her thinking then or now, but please (try to) content yourself with the changed designation to "neutral" from something much more negative than that.
It may have had something to do with the stock being up 5% or more 'til late in the day. Citi (which really means Smith Barney in this connection) may actually have convinced some people to go (stay) short until today. Obviously, they only "advise," but figure that some people follow the advice they're given, even if (as you say) that advice is both suspect (in terms of potential conflicts of interest) and -- in this case -- seemingly inept.
Remember, B&G (me, included), this is a thin stock that could easily be "ahead of itself" for the moment.
I wonder if this is the usual case with analysts where you should "do as they do" instead of "do what they say". I bet Citigroup bought a bunch of stock when the price dipped right after the "sell" came out, and now they are sitting pretty on a ~50% gain and want to take a little profit.