High Street bookies were getting a hard time on Tuesday as Credit Suisse got the red pen from the drawer.
Ladbrokes (LON:LAD) went to 'underperform' from 'neutral', while peer William Hill (LON:WMH) was cut to 'neutral' from 'outperform'.
Both lost ground in early deals with shares in Ladbrokes slipping 1.23% and William Hill falling 1.98%.
Meanwhile, media an publishing group Pearson (LON:PSON) was cut to 'equal weight' from 'overweight' by Morgan Stanley, which also led to a share price fall.
Bus and train titan Firstgroup (LON:FGP) has an 'overweight' rating repeated by heavyweight JP Morgan Cazenove today.
It followed a first quarter trading update.
"The business is performing in line with expectations, with contract negotiations in First Student progressing well and continued LFL [like-for-like] revenue growth in UK Bus, both underpinning margin recovery," said analyst Jolyon Wellington.
He added that lower oil prices continued to have an impact as anticipated and should make for profit being even more second half weighted than usual.
The target price is 169p compared to current price of around 119p.
On the upgrade side, Deutsche lifted the price target on Sky (LON:SKY) to 1,500p from 1,000p previously.