JPM reinstated Whitbread at 'underweight' after a period of restriction. "With the £2bn SBB tender offer completed, most of the value unlocked by the Costa deal has been allocated. Business momentum has significantly deteriorated in the UK since the beginning of the year. "As a pure UK domestic business, WTB is the most exposed hotelier to the current economic and political UK turmoil," it said. It has a 3,800p price target on the shares.