UBS has upgraded SSP Group plc (LSE:SSPG), the travel food & drink operator, to 'neutral' from 'sell', keeping its price target at 170p.
Its analysts said weak summer passenger numbers and limited airline capacity remain near-term risks, but argued these challenges are now reflected in the share price.
The group owns a mix of in-house brands such as Upper Crust, Caffè Ritazza and UrbanCrave, and franchise names including Starbucks, Burger King, M&S Simply Food, Millie’s Cookies and YO! Sushi.
The shares, down 13% year to date, were flat on Friday at 156.4p.