Portillo’s price target lowered to $13 from $17 at Piper Sandler

Piper Sandler lowered the firm’s price target on Portillo’s (PTLO) to $13 from $17 and keeps an Overweight rating on the shares following quarterly results. The firm notes that for the quarter, as compared to consensus, Portillo’s actually exceeded expectations on same-store sales but missed on total revenue; with the delta pertaining to the embedded assumption on New Store Productivity. From a 2025 guidance perspective, there were only slight tweaks, Piper says.