RBC Capital Markets analyst Nik Modi initiated coverage of Utz stock with an Outperform rating and $17 price target.
Utz Brands stock has taken a hit this year, but one analyst says now is the time to buy shares of the snack maker.
One reason for Wall Street concern is the recent popularity of weight-loss drugs and what that could mean for the snack food industry. Novo Nordisk’s Ozempic and Eli Lilly’s Mounjaro are two diabetes drugs being used by some for weight management. “We are not in this camp,” Modi said. “We must not forget that these drugs are expensive and out of reach for many Americans seeking to use them for weight loss as a result.”
Newsletter Sign-up Modi also recognized that there are other concerns within the snack space as consumers continue to feel the pinch of high grocery prices as inflation runs hot. With prices historically high, shoppers may choose to trade down to store brands or avoid buying snacks altogether.
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