Saga said it traded in line with expectations in the first four months of its financial year as the over-50s travel and insurance company wrote more motor and home insurance policies.
Ocado: JP Morgan downgrades to neutral with a target price of 505p.
Saga, the over-50s travel and insurance company, met its downgraded annual profit expectations but said the market remained "challenging" and that profits would fall remain under pressure in 2018.
Paddy Power Betfair has recruited Jonathan Hill from Saga to be the bookmaker's next chief financial officer.
Saga shares were branded 'avoid' in the Sunday Times' Inside the City column, even though its debt has been shrinking and its profits rising, in contrast with former stablemate, the AA. The share price has also recently been on the way down after warning on profits in early December due to higher costs and "more challenging trading" in insurance broking, with growth in underlying profit before tax expected to be between 1% and 2% for the year to 31 January 2018.
Saga has appointed Patrick O'Sullivan as chairman with effect from 1 May.
Saga has signed a new reinsurance agreement with NewRe and Hannover Re.
Associated British Foods plc: RBC downgrades to sector perform and sets a target price of 3,100p
Over 50s specialist Saga was on the back foot on Tuesday as RBC Capital Markets downgraded the stock to 'sector perform' from 'outperform' and slashed the price target to 135p from 250p, noting it is now less positive on the motor broking business.
Greene King: JPMorgan downgrades to Underweight with a target price of 500p.
Aveva: Barclays upgrades to Overweight with a target price of 2900p.
Specialist in products and services for life after 50, Saga, issued a trading update for the period from 1 August to 5 December on Wednesday, reporting that growth in underlying profit before tax was expected to be between 1% and 2% for the year to 31 January 2018.
Royal Mail: Deutsche Bank downgrades to Sell with a target price of 359p.
After 26 years with the business - 14 as chairman - Andrew Goodsell has notified the board of Saga that he intends to retire from the company during 2018.
Saga, the specialist provider of products and services for those over 50, reported solid growth of 5.5% in underlying profits before tax for the first half as it ordered a second new cruise ship amid high demand.
Saga, the provider of products for the over-50s, said its insurance and travels business had enjoyed a "good" first quarter as it begins a major transition to a new business model.
Saga has refinanced existing bank facilities with the launch of a debut £250m seven-year senior unsecured bond, a £200m five-year term loan facility and a £100m five-year revolving credit facility.
Over-50's insurer and tour operator Saga proposed an 18% dividend hike after delivering a solid year of profits growth.
Standard Life: Berenberg downgrades to Hold with a target price of 400p.
Saga said it would make a one-off £4m charge against 2016 pre-tax profits after the government cut the discount rate on personal injury damages payouts.