Shore Capital has reiterated its 'buy' recommendation on Mitchells & Butlers PLC (LSE:MAB), the FTSE 250 pub and restaurant operator, with a 350p price target, implying upside of 47% from the current share price of 239p. The broker argues the shares, down more than 25% since the outbreak of the Iran conflict, have sold off well beyond what the underlying fundamentals warrant, with the stock now trading at a near two-decade low on a forward price-to-earnings multiple of around 7 times.