UK's Ocado falls on lack of progress with winning new partners
BUZZ-UK's Ocado falls on lack of progress with winning new partners ** Shares of British technology and online grocery group Ocado down 13.6% at 153.5p - the top loser on FTSE midcap index .FTMC
** Ocado said it was talking to multiple retailers in the US to win new business, but the lack of material progress on talks disappointed investors
** Ocado's HY adjusted earnings fell 12% to £81 million but it stuck to a forecast to turn cash flow positive in the current six-month period, and full-year cash flow positive next year
** "Our analysis of the Group's cash flow potential suggests management's mid-term targets appear ambitious and we question whether Ocado will be able to compete effectively with other in-store fulfillment options," RBC analysts said
** Of 14 analysts covering the stock, seven rate it "buy" or better, four "hold" and three "sell" or worse; median PT 250p - LSEG data
** OCDO has fallen about 35% so far this year
(Reporting by Yamini Kalia and Amna Mariyam in Bengaluru)