- Baird analyst David Tarantino upgraded Portillos Inc PTLO to Outperform from Neutral with an unchanged price target of $50, suggesting a 45.8% upside.
- The analyst believed the recent pullback in the shares had created a "more compelling entry point" when considering his bullish view of the company's near- and long-term fundamentals have not changed.
- While acknowledging the potential for further short-term volatility in the shares amid a tough market backdrop for high-multiple stocks, Tarantino believed a "substantial premium" for Portillo's can be justified by the company's "visible long-term growth opportunity, and expectations for solid near-term operating momentum."
- Price Action: PTLO shares are trading lower by 0.32% at $34.29 on the last check Monday.
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