UTZ - Utz Brands Has The Potential To Transition From Regional Company To National Competitor Says Analyst | Benzinga
Needham analyst Matt McGinley initiates coverage on Utz Brands Inc (NYSE: UTZ) with a Buy rating and a price target of $20, adding it to the Needham Conviction List for 2024.
With Utz's marketing spend set to increase about 3x, and its focus on four power brands (Utz, On The Border, Zapp's, and Boulder Canyon), the analyst expects greater relevance of the Utz brand portfolio to consumers in the coming years.
Utz's growth strategy leverages brand investment, marketing, and distribution expansion beyond its core Eastern U.S. markets, says the analyst.
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