Whitbread's FY 2031 targets are clear, but delivery requires a near-term reset that includes lowering profit expectations and growth forecasts, Panmure Liberum analyst Anna Barnfather says in a note. This is as branded restaurant exits, disruption from its accelerated growth plan and the expedited recycling of its property portfolio drive forecast cuts, Barnfather says. Adjusted pretax profit consensus for FY 2029 remains below FY 2026's 483 million pounds and understates the medium-term benefit of eliminating restaurant losses, among other items, she says. A sustained strengthening of its U.K. performance through the second half would increase confidence that structural supply tailwinds remain supportive to the budget hotel chain, she says. "Swifter progress in eliminating restaurant losses or securing business rate relief would offer upside," she says. Shares are down 0.3% at 2,407 pence. (anthony.orunagoriainoff@dowjones.com)