MARKET TALK: Citi Lifts Whitbread Target Price

23rd Jun 2010 07:12

0612 GMT [Dow Jones] Citigroup lifts Whitbread (WTB.LN) price target to 1700p from 1645p following the company's 1Q update. Citigroup raises its '11 EPS forecast to 104.7p from 99.7p and its '12 EPS estimate to 114.9p from 109.5p to reflect the strong 1Q performance at Premier Inn. However "Whitbread's capital-heavy rollout model absorbs considerable free cash flow, which reduces our valuation upside. Combined with the more limited international exposure and lower operational gearing, this leads us to retain our hold rating." Shares closed Tuesday at 1531p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 23, 2010 02:12 ET (06:12 GMT)

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