Portillo’s price target lowered to $14 from $16 at BofA

BofA analyst Sara Senatore lowered the firm’s price target on Portillo’s (PTLO) to $14 from $16 and keeps a Buy rating on the shares. While same-store sales growth came slightly below expectations, the positive traffic in May suggests that Portillo’s “can drive traffic if it has the right marketing and promotions,” the analyst tells investors in an earnings recap note. Following the report, the firm lowered its FY25 EBITDA estimate to $103.6M from $109.3M, but adds that it sees upside “if management can continue to manage expenses tightly.”