Portillo’s momentum ‘remains modestly muted,’ says Stephens

Stephens notes that Portillo’s (PTLO) reported preliminary Q4 results at the end of its ICR presentation deck with beats across all major line items on the top and bottom line and an initial FY26 outlook that calls for eight new restaurants and adjusted EBITDA to be flat with FY25. Momentum “remains modestly muted” with same-store sales showing a sequential deceleration, driven by mix and traffic, says the analyst, who maintains an Equal Weight rating and $6 price target on Portillo’s shares.