Bank of America Securities analyst Peter Galbo has reiterated their bullish stance on UTZ stock, giving a Buy rating on April 17.
Peter Galbo has given his Buy rating due to a combination of factors including UTZ Brands’ strong preliminary first-quarter results and positive financial outlook. The company reported better-than-expected organic sales growth and net sales, alongside slightly improved adjusted EBITDA, which exceeded both Bank of America’s and consensus estimates.
Additionally, UTZ has reaffirmed its full-year financial projections, anticipating low-single digit organic sales growth, adjusted EBITDA growth of 6-10%, and adjusted earnings per share growth of 10-15%. The appointment of William J. Kelley as the new CFO, with his extensive experience in the industry, is also seen as a positive development for the company’s future performance. These factors contribute to the reiterated Buy rating and a price objective of $17, reflecting confidence in UTZ’s continued growth and financial health.
Galbo covers the Consumer Defensive sector, focusing on stocks such as General Mills, McCormick & Company, and Mondelez International. According to TipRanks, Galbo has an average return of 0.3% and a 47.62% success rate on recommended stocks.
In another report released on April 17, Jefferies also reiterated a Buy rating on the stock with a $18.00 price target.