Greggs' weaker like-for-like growth at the start of 2018 and management's cautious outlook suggest near-term performance could be more subdued, Berenberg said as it cut the stock to 'hold' from 'buy' and reduced the price target to 1,225p from 1,425p, adding that this could cause a delay in the special dividend.
Greggs: Berenberg downgrades to hold with a target price of 1,225p.
Greggs struck a cautious note on Wednesday as it said underlying profits are likely to be flat year-on-year, with trading in March and April hit by weaker market conditions.
J Sainsbury: Berenberg reiterates buy with a target price of 369p.
Standard Life Aberdeen: Deutsche Bank upgrades to buy with a target price of 440p.
ITV: Barclays downgrades to equal weight with a target price of 180p.
Sky: Liberum upgrades to buy with a target price of 1,250p.
Greggs served up some steamy numbers to shareholders on Tuesday, with total sales up 7.4% in its preliminary results to £960.0m.
Tullow oil: Barclays downgrades to equal weight with a target price of 190p.
Big Yellow Group: Berenberg upgrades to buy with a target price of 920p.
High street baker Greggs said full year total sales were up by a tasty 7.4% and company-managed shop like-for-like sales grew by 3.7%.
Greggs is the focus of Sunday Times' tipster column this week, while Midas in the Mail on Sunday is examining smallcal miner Tharisa.
Berkeley Group: Canaccord downgrades to Hold with a target price of 3860p.
BAE Systems: Berenberg downgrades to Hold with a target price of 600p.
Bakery chain Greggs reported solid third quarter growth on Tuesday, claiming total sales were up 8.6% in the 13 weeks to 30 September, compared to 5.6% growth at the same time last year, while like-for-like sales in company-managed shops improved 5.0%, up from 2.8%.
Bakery chain Greggs was upgraded to 'buy' from 'hold' by analysts at German broker Berenberg on Thursday, saying that the company has plenty of room for further growth and that its solid balance sheet may allow it return capital to shareholders soonr than expected.
Greggs: Berenberg upgrades to Buy with a target price of 1020p.
FTSE 250 baker Greggs reported a rise in first-half sales on Tuesday thanks to continued growth in its breakfast, coffee and 'balanced choice' ranges, although pre-tax profit declined on the back of cost inflation pressures.
TalkTalk: RBC upgrades to Outperform with a target price of 225p.
Bakery chain Greggs updated the market on its trading on Thursday, ahead of its annual general meeting on Friday, reporting that total sales were up 7.5% in first 19 weeks of 2017, compared to 5.7% growth in the same period last year.