Goldman Sachs Downgrades Utz Brands (UTZ) to Neutral Citing 'Strong momentum now balanced by premium valuation'

August 11, 2022 4:12 PM EDT
Get Alerts UTZ Hot Sheet
Price: $14.41 -3.93%

Rating Summary:
    2 Buy, 7 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 5 | Down: 17 | New: 8
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Goldman Sachs analyst Jason English downgraded Utz Brands (NYSE: UTZ) from Buy to Neutral with a price target of $21.00 (from $16.00).

The analyst comments "Utz's results were solid. Management continues to execute well both behind its core business and recent acquisitions to drive a consistent beat-and-raise cycle with exceptional growth and margin delivery in 2Q22. And while management raised its guidance today, we believe its full-year sales and EBITDA outlook may still prove conservative as it benefits from further distribution expansion and more resilient category dynamics. But since we added UTZ to the Americas Buy List on June 16, 2022, it is up 45% (vs. S&P +15% and XLP +8%) and while we raise our price target on the back of 2Q results, we no longer see enough upside to maintain our Buy rating; we downgrade the stock to Neutral as a result."

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 $18.25 yesterday.

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