Stephens Downgrades This Snack Food Manufacturing Company

Stephens analyst Ben Bienvenu downgraded Utz Brands Inc UTZ to Equal Weight from Overweight with a price target of $18, down from $23, implying a 9.4% upside.
Bienvenu notes that the company appears to set up to deliver lower than consensus EBITDA numbers in Q4 as margins pressures continue to linger.
The analyst believes higher levels of inflation will persist into FY22, which will further pressure margins in the new year for Utz.
Given the operating environment, Bienvenu thinks Utz shares look "increasingly more fairly valued."
Price Action: UTZ shares are trading lower by 3.06% at $16.48 on the last check Wednesday.