Utz Brands price target lowered to $17 from $19 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on Utz Brands to $17 from $19 and keeps a Neutral rating on the shares. The company reported “mixed” Q3 results with better margins offsetting weaker volume growth to drive a bottom-line beat, but also cut its sales outlook for FY23, the analyst tells investors in a research note, adding that while there were some execution missteps in the quarter that weighed on volume, the larger challenge is softer category growth. Goldman Sachs adds it is reducing its near-term growth expectations for Utz Brands in light of the category softness, though the company’s “geographic expansion story remains intact”.