3 Restaurant Stocks to Buy on the Dip: June 2024 | Markets

Order up a delicious bargain with these undervalued restaurant stocks.

It’s a tale of two markets in the restaurant space right now.

Some fast-casual chains, such as Cava Group (NYSE:CAVA), are soaring to new all-time highs. At the same time, other restaurant operators are seeing their shares careen to new multi-year lows.

Restaurants are a competitive field, and not all of the beaten-down chains will see a significant recovery. That’s especially true as inflation and a slowing economy are starting to strain consumers’ wallets. However, these three restaurant stocks to buy near 52-week-lows are compelling values that are set to heat up in the coming months.

Portillo’s (PTLO)

Portillo’s (NASDAQ:PTLO) is a small restaurant chain that specializes in Chicago-style foods such as hot dogs, sausages, Italian beef sandwiches, and milkshakes.

The company went public with just 67 locations in nine states. Investors have reasonably questioned how well the company’s distinct menu will work outside of its already established core markets, such as the Chicago area.

However, Portillo’s is pressing on with aggressive growth plans, adding locations in fast-growing states such as Texas, Florida and Arizona. If these new locations pay off for Portillo’s, it’d be a total game-changer, converting it from a…

Source investorplace.com

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