Analyst Peter Galbo from Bank of America Securities reiterated a Buy rating on UTZ Brands (UTZ – Research Report) and keeping the price target at $17.00.
Peter Galbo has given his Buy rating due to a combination of factors including UTZ Brands’ solid financial performance and promising future outlook. Despite a recent drop in share price, the company’s first-quarter results were in line with expectations, and its financial outlook for the year remains strong, with projected organic net sales growth in the low-single digits and adjusted EBITDA growth between 6% and 10%.
Additionally, UTZ’s strategic initiatives, such as the bonus packs program and the growth of the Boulder Canyon brand, are contributing positively to its performance. The bonus packs program, although winding down, has boosted sales, while Boulder Canyon’s expansion in the health and wellness category is promising. Galbo maintains a price objective of $17, reflecting confidence in UTZ’s fundamentals and its ability to navigate challenges in the salty snacks market.
In another report released yesterday, Jefferies also reiterated a Buy rating on the stock with a $17.00 price target.
UTZ’s price has also changed moderately for the past six months – from $17.350 to $12.140, which is a -30.03% drop .