Portillo’s price target lowered to $20 from $23 at Baird

Baird lowered the firm’s price target on Portillo’s to $20 from $23 and keeps an Outperform rating on the shares. The firm said they came away from the ICR Conference with continued confidence in Q4-23 estimates and longer-term growth fundamentals, but they lowered 2024E EBITDA to reflect higher-than-expected guidance for G&A/pre-opening.