Portillo’s price target raised to $18 from $16 at Jefferies

Jefferies raised the firm’s price target on Portillo’s (PTLO) to $18 from $16 and keeps a Buy rating on the shares after the company pre-announced Q4 results and largely reiterated its FY25 guidance. The tone on traffic remained conservative, but work is underway across multiple strategic initiatives that could drive unlock as 2025 progresses, the analyst tells investors in a research note. The firm thinks visibility into the latter could improve exiting Q1/Q2, and drives potential upside to its estimates, as well as consensus estimates.