Utz Brands initiated with a Neutral at DA Davidson

DA Davidson initiated coverage of Utz Brands with a Neutral rating and $20 price target. The analyst believes the company’s strategy is credible, but priced into the stock. While further upside is possible on multiple expansion should management’s playbook bear out, the recent deceleration across snacking in general and salty snacks in particular could in the near term, keeping Utz’s organic sales growth towards the lower end of its long term algorithm, the analyst tells investors in a research note.