In the stm8 port, the label reference count seems to be wrong. This affects peephole rules that would use this reference count. To see the impact, uncomment peephole 14 in src/stm8/peeph.def, which is meant to remove unreferenced labels. The same rules works for the z80 port as peephole 149 in src/z80/peeph-z80.def, so this seems to be an stm8-specific issue.
I noticed this issue in sdcc revision #8714.
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