Portillo’s needs ‘string of upside surprises’ to renew confidence, says Stephens

Stephens notes Portillo’s (PTLO) has framed FY25 as a reset year, marked by this morning’s guidance cut and yesterday’s appointment of a new CMO, arguing that the company will require “a string of upside surprises” to renew investor confidence and drive a higher share price. The firm has an Equal Weight rating and $10 price target on Portillo’s shares.