BUZZ-Mitchells & Butlers: broker upgrade stems post-budget falls
** Shares (Frankfurt: DI6.F - news) in Mitchells & Butlers (LSE: MAB.L - news) , hit hard by Chancellor George Osborne's Budget which raised the minimum wage, top FTSE 250 risers as Numis Securities upgrades to "add" vs "hold" on valuation grounds
** Stock, which had suffered a post-budget decline of c.15% since (until Tuesday's close), taking it to 6.5-mth lows, up 3.4% & 3rd-most actively traded UK midcap stock
** Numis -- rated at four stars for recommendation accuracy on M&B, according to StarMine -- reckons on limited downside risk to forecasts & valuation now, but patience required for a positive catalyst (such as a resumption in dividends)
** Broker had cut its 2017E PBT forecasts by c.13% to reflect the National Living Wage
** Flags that company's Q3 statement is due July 29 (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)