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Whitbread upgraded to ‘hold’ by Deutsche Bank in European hotels sector review

The Premier Inn owner was upgraded from ‘sell’ alongside a target price increase to 4,550p from 3,650p

Whitbread plc - Whitbread upgraded to ‘hold’ by Deutsche Bank

Whitbread plc (LON:WTB) was upgraded to ‘hold’ from ‘sell’ by Deutsche Bank, alongside a target price increase to 4,550p from 3,650p, in a review of the European hotels sector.

The FTSE 100-listed Premier Inn owner has benefitted from a “relatively well-oriented operating environment and dynamic financial markets”, the German bank's analysts said, with its share price going up 5.8% over the year.

READ: Whitbread wins as Barclays expects Tories to deliver “orderly Brexit”

They noted that Whitbread has set out to open 20 new Premier Inn hotels by the end of the year in Germany, where analysts say there is potential to build a network as large as the UK.

Political clarity has helped the weak hotel market in the mother country, while an orderly Brexit is expected to lead to a rebound in business investment, making the UK the fastest growing economy of those of interest to the sector.

However, in spite of the upgrade, Whitbread shares were trading 1% lower at 4,689p ahead of the firm's latest quarterly update, due next Thursday.

Quick facts: Whitbread PLC

Price: 4356 GBX

Market: LSE
Market Cap: £5.85 billion

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