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Whitbread: Liberum upgrades stock

(CercleFinance.com) - Liberum has upgraded its rating on Whitbread shares to "buy" (from "hold"), having increased its corresponding target price to 3,320 pence (from 3,120 pence), considering that "The valuation now looks attractive on 9.
7x EV/EBITDA CY23E".

The broker has raised its pre-tax profit forecast for 2023 to 270 million pounds (+33%), "yet the shares are -15% YTD despite scope for further upgrades, higher dividends and/or buy backs".

Liberum summarises that its Premier Inn UK hotel chain continues to outperform the sector, but also that the F&B business and Germany have recovered faster than expected.



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