Utz Brands jumps after Goldman upgrades to "buy"

Utz Brands

17/06/2022 15:20

** Utz Brands Inc's  UTZ.N  shares jump 8.8% to $13.43 early
Fri after Goldman Sachs upgrades snacks maker to "buy" from
"neutral"
    ** Brokerage has PT of $16, implying ~30% upside to stock's
Thurs close
    ** Goldman analyst Jason English sees above average top and
bottom line growth outlook given co's "strong" position in salty
snack category and strong in-market execution, thefly.com
reports https://thefly.com/news.php?symbol=UTZ
    ** Co's recent capex fueled productivity ramp and ongoing
acquisition optionality only enhance the investment thesis,
English added, per thefly.com
    ** Last month, Utz raised FY 2022 sales forecast to 10%-13%
growth, and CEO said co encouraged by continued sales volume
increases "as price elasticity is better than we anticipated"
 urn:newsml:reuters.com:*:nL3N2X43Q0  urn:newsml:reuters.com:*:nBw52CqRXa
    ** Now, 5 of 10 analysts rate UTZ "buy" or higher, rest
"hold", per Refinitiv; median PT $16.50
    ** Shares last up 4.4% at $12.88, trimming YTD loss to ~19%

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))