Broker snap: Evolution raises target at Whitbread

19th Oct 2011 14:01

Evolution Securities has raised its target for hotel and coffee shop owner Whitbread from 1,750p to 1,800p, after yesterday's interim results were at the top-end of expectations.Underlying pre-tax profits were up by 15.2% from the same period the previous year at £174.9m, while total revenues climbed by 10.7% to £891.3m. The interim dividend was lifted by 55.6% to 17.5p. "The UK consumer outlook may be stuttering but there is no evidence of the malaise affecting Whitbread whose value propositions resonate strongly with customers," the broker said.A buy rating was maintained.Shares were flat at 1,635p at 13:57. BC