Utz Brands price target lowered to $20 from $24 at Piper Sandler

Piper Sandler lowered the firm’s price target on Utz Brands (UTZ) to $20 from $24 and keeps an Overweight rating on the shares. The firm lowered its Q4 estimates on slower U.S. measured retail momentum, but maintained confidence in Utz’s 2025 set-up. The company expects improving volume-driven organic growth momentum in 2025, helped in part by additional capacity to grow its kettle business. Piper believes Utz is well-positioned to achieve or beat its 3-year objectives, driven by top-line gains and margin upside.