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  4. Utz Brands Downgraded by Goldman Sachs on Lack of Upside Potential
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Utz Brands Downgraded by Goldman Sachs on Lack of Upside Potential

By Sam Boughedda Shares of Utz Brands (NYSE:UTZ) were downgraded to Neutral from Buy by a Goldman Sachs analyst, with the price target raised to $21 per share from $16. The...
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Utz Brands Downgraded by Goldman Sachs on Lack of Upside Potential © Reuters. Utz Brands (UTZ) Downgraded by Goldman Sachs on Lack of Upside Potential

By Sam Boughedda

Shares of Utz Brands (NYSE:UTZ) were downgraded to Neutral from Buy by a Goldman Sachs analyst, with the price target raised to $21 per share from $16.

The downgrade is on the back of Utz’s earnings results, which saw its earnings and revenue top the analyst consensus estimate.

While the analyst said the results were solid, Goldman Sachs no longer sees sufficient room higher to keep a Buy rating on the stock.

"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," said the analyst. "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."

Utz shares are down over 3% so far Friday but have gained more than 8% in 2022.

"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," added the analyst.

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01-05-2024 10:45:17 (UTC+7)

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Summary

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Moving Avg:

Buy (0)

Sell (12)

Indicators:

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Sell (3)

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1.0658

-0.0008 (-0.07%)

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↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

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Sell (3)

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Moving Avg:

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Sell (12)

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157.91

+0.12 (+0.07%)

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↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

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-0.0003 (-0.05%)

Summary

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Moving Avg:

Buy (10)

Sell (2)

Indicators:

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1.3780

+0.0003 (+0.03%)

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0.9808

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2,295.80

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8,144.13

-2.90 (-0.04%)

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1,973.05

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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