Berenberg Tweaks Whitbread Estimates on UK Budget Policies; Hold Rating Kept

12:14 PM EST, 11/11/2026 (MT Newswires) -- Berenberg updated its estimates for Whitbread (WTB.L) after the UK's 2026 Budget delivered a reduction in the planned increase in business rates for local hospitality businesses. "After several years of pain from prior UK budgets, the 2026 Budget provides respite, freezing business rates and providing further breathing room for Whitbread to execute its five-year plan," according to a Wednesday note. "While Whitbread is awaiting the full details, the preliminary estimates are that business rates will increase between GBP7.5m and GBP12.5m in FY28 (prior consensus was an increase of GBP35m). Furthermore, by FY29, Whitbread estimates business rates will be between GBP45m and GBP60m, which is lower than previously expected." As such, the research firm increased its profit before tax projections by 4% for 2028 and by 6% for 2029. The stock's price target was also increased to 27 pounds sterling from 24 pounds. Berenberg maintained the British hotel and restaurant company's hold rating, saying it awaits "further evidence" that the company can deliver on its plan.