Potbelly price target raised to $15 from $13.50 at Lake Street

Lake Street raised the firm’s price target on Potbelly to $15 from $13.50 and keeps a Buy rating on the sharesa after the company reported Q4 results that were generally in line with the firm’s expectations. The company announced total shop commitments have increased to 202 shops at the end of the year, which the firm calls a “significant increase” in the pipeline for new restaurants. Lake Street thinks the “solid” FY24 outlook demonstrates continued strong traffic trends, improving restaurant margin and solid contribution from new franchised locations.