Piper Sandler Reiterates Overweight Rating on Utz Brands (UTZ)

Piper Sandler analyst Michael Lavery reiterated an Overweight rating and $21.00 price target on Utz Brands (NYSE: UTZ).

The analyst commented, "We visited UTZ HQ today and met with CEO Howard Friedman and CFO Ajay Kataria. We believe UTZ is well-positioned to achieve its growth targets in 2024, driven by its top-line momentum and productivity initiatives, and its three-year objectives, which look achievable, and likely beatable. We expect sustainable distribution momentum to continue, both geographically and by channel. SKU rationalization is done, removing top line drag allowing a greater focus on its higher growth, higher margin Power Brands. It is now planning better, procuring better, pricing better, and marketing better than just a few years ago, and we came away with better appreciation for upside to efficiencies going forward. We maintain our 2024E sales of ~$1,435M, 2025E sales of ~$1,485M, and $21 target."

For an analyst ratings summary and ratings history on Utz Brands click here. For more ratings news on Utz Brands click here.

Shares of Utz Brands closed at $18.47 yesterday.

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