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Investing.com - DA Davidson has reiterated its Buy rating on Utz Brands (NYSE:UTZ) with a price target of $16.00 following the company’s third-quarter performance. Currently trading at $10.34, the stock appears significantly undervalued according to InvestingPro analysis, with shares hovering just 1.02% above their 52-week low of $10.19.
The snack food manufacturer delivered third-quarter adjusted EBITDA slightly above analyst and consensus estimates, driven primarily by volume-based net sales that exceeded expectations. This performance comes despite the stock taking a significant 16.28% hit over the past week.
Management has revised its fourth-quarter implied organic top-line outlook higher while reaffirming projected high-teens EBITDA growth, supported by productivity improvements and ongoing supply chain transformation initiatives.
Utz Brands announced plans to accelerate its expansion into California, which has the highest concentration of salty snacks sales in the country, through the acquisition of distribution assets within the state.
DA Davidson noted that Utz’s ability to capture market share profitably while simultaneously reinvesting in growth represents a "rare combination in Food today," supporting the firm’s continued Buy rating on the stock.
In other recent news, Utz Brands, Inc. reported third-quarter revenue that exceeded expectations. The company also announced plans to expand its operations in California, which is the largest market for salty snacks in the United States. These developments are part of Utz Brands’ strategy to boost its sales growth. The expansion into California is expected to enhance the company’s market presence and revenue streams. Analysts have noted the positive outlook for Utz Brands following these announcements. The company’s recent financial performance and strategic initiatives indicate a focus on strengthening its market position. This expansion and sales growth highlight Utz Brands’ commitment to increasing its footprint in key markets.
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