Utz Brands rises after D.A. Davidson turns bullish

Shares of potato-chip and pretzels maker Utz Brands UTZ.N up 3.4% premarket to $13.85 after D.A. Davidson upgrades to 'buy' from 'neutral'

Brokerage says co's sales have been weak, but it has gained market share even as salty snacks have been under persistent volume pressure

Utz has "over delivered' on supply chain transformation which could lead to upside revisions if co sustains recent share momentum, D.A. Davidson says, sticking with its $16 PT

In Dec 2023, Hanover, Pennsylvania-based firm introduced long-term growth strategy and value creation plan, including to transform its supply chain and improve productivity

Last week, co named William J Kelly Jr as new CFO, replacing Ajay Kataria, effective May 1

Kelley most recently served as Global CFO at Tropicana Brands

Co also said expects Q1 net sales to grow 1.5%-1.7% y/y, sees Q1 adj EPS of 14-16 cents, and reaffirmed 2025 outlook

It is slated to report Q1 results on May 1, before the bell

Through Weds close, UTZ shares off 14.5% YTD and down ~27% over the past 12 months

Now, 8 of 12 analysts rate stock "strong buy" or "buy", rest have "hold"; median PT is $17, LSEG data shows