Utz Brands initiated with a Buy at Jefferies

Jefferies initiated coverage of Utz Brands with a Buy rating and $15 price target. The analyst views Utz as a “differentiated food play in an historically attractive category.” While the “cloud” of GLP-1 obesity drugs hangs over many food categories, Utz is well positioned to sustain organic growth of 3%-4% through geographic expansion and market share gains, the analyst tells investor in a research note. The firm says the company’s geographic distribution expansion, network optimization margin upside and deleverage probability “separate Utz from the pack.”