There is, however, a risk that the CMA's decision could lead to a series of negative events, ultimately resulting in management change, kitchen-sinking and a capital raise. We see no prospect of the share price re-rating until this overhang is removed," said Berenberg analysts. Analysts at Shore Capital cut their long-standing 'buy' rating on Premier Inn operator Whitbread to 'hold' on Thursday, stating the firm's re-rating since its disposal of Costa appeared to be complete. As Whitbread shares continue to perform relatively strongly since letting go of Costa back in August and with planned cash returns below the broker's expectations and little new news on crystallising the inherent value in its "extensive property portfolio", Shore Cap said the group appeared to be dependent upon its expansion plans into Germany.