Utz Brands upgraded at DA Davidson on firming share of salty snacks

As previously reported, DA Davidson upgraded Utz Brands (UTZ) to Buy from Neutral with an unchanged price target of $16. While acknowledging the “challenging tape,” the firm sees a favorable risk-reward for Utz given that the company’s share of salty snacks is firming amid easing category promotion and the company’s strength in non-tracked channels. Utz has over delivered on supply chain transformation, which could yield upside revisions if the company sustains recent share momentum, adds the analyst, who also cites a relative valuation gap for the shares compared to food peers.