Portillo’s upgraded to Buy from Hold at Stifel

Stifel analyst Chris O’Cull upgraded Portillo’s to Buy from Hold with an unchanged price target of $24. The analyst has recently taken a more constructive stance toward the company’s outlook and believes the stock’s pullback has created a compelling entry point for growth investors. The firm believes investors will begin recognizing the brand’s "portability and development potential" as new restaurants consistently execute successful openings and retain high volumes in new markets. Portillo’s has a number of ongoing opportunities to capture operational efficiencies at the store-level and for additional leverage to occur as it penetrates its growth markets, says the firm.