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BUZZ-Whitbread: rises on Credit Suisse upgrade

Reuters - UK Focus

** Hotel (LSE: 31142665.L - news) and restaurant operator Whitbread (Frankfurt: WHF4.F - news) rises 2.5 pct after Credit Suisse (IOB: 0QP5.IL - news) upgrades to "outperform" from "neutral"

** Broker says valuation undemanding level after underperformance (PE at one of its lowest levels relative to the FTSE 350 since 2008 according to Reuters data)

** Credit Suisse says £150m of cost cuts likely to mitigate against rise in the UK minimum wage

** Stock has been one of the biggest losers from UK's hike in minimum wage, down 25 pct since the July 2015 announcement despite a recent rally

** Fourth top riser on Stoxx 600

** CS retains "outperform" on InterContinental Hotels (Frankfurt: IC1F.F - news) (up 2 pct)