Benchmark starts Potbelly with a Hold amid near-term consumer headwinds

As previously reported, Benchmark initiated coverage of Potbelly with a Hold rating and no price target. While “very constructive” on the brand inflection that the current team is driving, the analyst argues that near-term macroeconomic headwinds faced by the consumer outweigh the continued operating and financial improvements that the current management team has shown over the past three years.