Portillo’s downgraded to Neutral from Buy at BofA

BofA downgraded Portillo’s (PTLO) to Neutral from Buy with a price target of $7, down from $14. The disparity between low and high wage earnings is growing starker and is likely to persist, notes the analyst, who points out that the pressure on younger workers is also growing more acute. These recent divergences suggest that full-service restaurants are better positioned as full-service consumers have higher incomes and are older. In this context, the firm made five ratings changes among its restaurant coverage.