Portillo’s price target lowered to $6 from $8 at Piper Sandler

Piper Sandler lowered the firm’s price target on Portillo’s (PTLO) to $6 from $8 and keeps an Overweight rating on the shares following quarterly results. This was the first call for new CEO Brett Patterson, and it coincided with the news that CFO Michelle Hook is leaving Portillo’s, to pursue another opportunity. Taking a step back, with new management in place it is clear that all aspects of the company’s strategy are being looked at in order to drive better performance, and Piper looks forward to hearing future strategic updates as the year progresses.