Portillo’s price target lowered to $13 from $15 at Morgan Stanley

Morgan Stanley analyst Brian Harbour lowered the firm’s price target on Portillo’s (PTLO) to $13 from $15 and keeps an Equal Weight rating on the shares. The firm sees “reason for cautious optimism” on the prospects for the restaurant sector in 2025 and models modestly better U.S. industry growth this year of almost 5%, compared to just over 4% last year, the analyst tells investors. However, the firm doesn’t see underlying fundamental themes shifting quickly after a “sluggish” 2024, the analyst added in a note on the group’s 2025 outlook.