From Financial Modeling Prep: 2024-10-07 14:27:00

Portillo’s, Inc. (NASDAQ:PTLO) saw a 4% drop in shares today after Stephens analysts downgraded the company from Overweight to Equal Weight. The downgrade was due to recent outperformance and an activist investor taking a 10% stake. The company’s 2024 guidance of flat to low-single-digit growth reflects challenging macroeconomic conditions.

Portillo’s plans to add kiosks to all locations by year-end to support ticket increases. However, analysts warn that Q3 comps may be at risk if foot traffic doesn’t accelerate. Data suggests traffic has been flat, which could put pressure on the stock after gains in Q3.



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