Stephens lowered the firm’s price target on Portillo’s to $18 from $20 and keeps an Overweight rating on the shares after Q1 results were below expectations on sales, store-level margins and adjusted EBITDA. The firm, however, was encouraged by the updated color around reiterated expectations of about $1M in build costs removed from the new prototype and believes same-store sales should build from the Q1 weather-driven trough.
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