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Portillo’s (PTLO) announced that it has entered into a cooperation agreement with Engaged Capital. As part of the cooperation agreement, Portillo’s and Engaged Capital will cooperate to identify a new director with recent and relevant restaurant operating experience to be appointed to the Portillo’s board of directors. Engaged Capital has also agreed to certain customary standstill and voting agreements. The cooperation agreement between the company and Engaged Capital will be filed on a Form 8-K to be filed with the SEC.

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• Portillo’s price target lowered to $12 from $13 at Morgan Stanley

• Portillo’s downgraded to Neutral from Outperform at Baird

• Portillo’s price target lowered to $15 from $17 at Baird

• Portillo’s director Hartung buys 72,500 class A shares

• Portillo’s announced the launch of Portillo’s Perks