Utz Brands price target lowered to $13 from $18 at Truist

Truist analyst Bill Chappell lowered the firm’s price target on Utz Brands to $13 from $18 and keeps a Hold rating on the shares. The company’s Q3 results were “mixed” and the management also lowered its 2023 sales guidance to 2% to 3% due to the company’s supply chain optimization efforts, Salty Snack category normalization, and channel shifting on the part of consumers, the analyst tells investors in a research note.