He also said there was "a lot of uncertainty" at the top of the company, which is currently led by an interim chief executive while its chief commercial officer prepares to retire.Part of the reason investors have reacted so strongly was that CSL has long been viewed as one of Australia's safest and most reliable growth companies.For years, investors were willing to pay a premium for CSL shares because they believed the company could consistently deliver strong long-term growth through its global healthcare businesses and research pipeline.But Hemming said repeated downgrades had badly damaged investor confidence."What they've done is progressively ratchet down expectations," he said."Four profit downgrades in nine months — that is unbelievable."He said the market's frustration was not only about weaker profits but also a growing disconnect between what management had previously promised investors and what the company was delivering."Now the market's saying: 'we don't trust you anymore'," he said "A lot of investing is about what people think about the future.""When people have less confidence in what management are saying about the future, they're less trusting of the company."Despite the turmoil, CSL has significant long-term strengths.Hemming said the company's global business still has a lot of potential, even if investor confidence may take years to rebuild."The underlying assets of CSL, which is a global franchise business, still have a competitive edge globally," he said.But he warned the company had shifted in the eyes of investors from a high-growth stock into a "value investment" or one with little growth.Other analysts have debated over whether the market reaction had been excessive