Stephens Downgrades This Snack Food Manufacturing Company

• Stephens analyst Ben Bienvenu downgraded Utz Brands Inc (NYSE: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.