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Whitbread: Oddo downgrades rating; cuts target price

( - Oddo has downgraded its Neutral rating on the Whitbread share to Reduce.

The analysis office believes that investors should be cautious towards the share, pending more visibility (Brexit, asset management, etc.). The broker has also cut its corresponding target price to 4,000 pence (against 4,400 pence previously).

Oddo highlights the 3.7% drop in organic growth in the first quarter of 2019, including -4.6% for its hotel business.

The broker also says that the group's short- and medium-term outlook is also unfavourable, due to the macroeconomic effects of Brexit.

In its daily equity review, Oddo says that there is a lack of growth catalysts and the risk of a further deterioration in the group's operating performance. There does however remain one lever - the sale of real estate - although the broker says that this seems difficult to consider - at least in the near future.

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