Utz Brands initiated with an Outperform at RBC Capital

RBC Capital initiated coverage of Utz Brands with an Outperform rating and $17 price target. The salty snacks category has recently come under pressure, which is likely to continue for the next few quarters, the analyst tells investors in a research note. However, when taking a 12-18 month view, the firm believes there is a “compelling buy case” for Utz. The company offers pure-play exposure to one of the more attractive categories across consumer staples and there is upside from share gains as the company expands geographically, contends RBC.