Portillo’s upgraded to Buy from Hold at Stifel

Stifel analyst Chris O’Cull upgraded Portillo’s (PTLO) to Buy from Hold with a price target of $16, up from $13. The firm previously downgraded shares over concerns the company was not doing enough to improve its traffic performance after a disappointing Q3, but, after a recent meeting with management, the company has since intensified its efforts to address weak traffic trends while indicating a willingness to promote value more aggressively, the analyst tells investors. Additionally, the firm remains confident in new store performance and the long runway for unit growth.