{"id":22571,"date":"2023-09-27T10:02:00","date_gmt":"2023-09-27T10:02:00","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/ozempic-and-other-weight-loss-drugs-have-pummeled-this-stock-it-may-be-a-buy\/"},"modified":"2023-09-27T10:02:02","modified_gmt":"2023-09-27T10:02:02","slug":"ozempic-and-other-weight-loss-drugs-have-pummeled-this-stock-it-may-be-a-buy","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=22571","title":{"rendered":"Ozempic and Other Weight-Loss Drugs Have Pummeled This Stock. It May Be a Buy."},"content":{"rendered":"
\n
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RBC Capital Markets analyst Nik Modi gives Utz a $17 price target.<\/h4>\n


\n Dreamstime
\n <\/span>
\n <\/figcaption><\/figure>\n<\/p><\/div>\n

\n Utz Brands
\n stock has taken a hit this year, but one analyst says now is the time to buy shares of the snack maker.<\/p>\n

RBC Capital Markets analyst Nik Modi initiated coverage of
\n Utz
\n stock (ticker: UTZ) with an Outperform rating and a $17 price target, implying a 25% increase to the stock\u2019s Monday closing price. This bullish initiation comes after shares of the maker of potato chips, cheeseballs, pretzels, and more salty treats have dropped 13% this year.<\/p>\n

\n

One reason for Wall Street\u2019s concern is the recent popularity of weight-loss drugs like Mounjaro, Ozempic, and Wegovy, and what that could mean for the snack food industry.
\n Novo Nordisk\u2019s
\n (NVO) Ozempic and
\n Eli Lilly\u2019s
\n (LLY) Mounjaro are two diabetes drugs being used by some for weight management. while Novo\u2019s Wegovy has been approved for weight loss. <\/p>\n

Modi wrote in a research note Tuesday that some investors are concerned by what the growing popularity of these drugs could mean for the stock, especially since they cause users to have a smaller appetite and require the people taking them to eat healthy foods to see results.<\/p>\n

\u201cWe are not in this camp,\u201d Modi said. \u201cWe must not forget that these drugs are expensive and out of reach for many Americans seeking to use them for weight loss as a result.\u201d <\/p>\n

\u201cConsumption of indulgent salty snacks that would be considered \u2018junk food\u2019 generally over-indexes toward lower-income individuals, who are unlikely to be these drugs\u2019 primary users,\u201d the analyst added.<\/p>\n

Modi also recognized that there are other concerns within the snack space as consumers continue to feel the pinch of high grocery prices as inflation runs hot. With prices historically high, shoppers may choose to trade down to store brands or avoid buying snacks altogether. <\/p>\n

The analyst says these pressures will continue in the near term, but the stock is compelling for investors willing to wait.<\/p>\n

\u201c
\n Utz
\n is a pure-play salty snack company\u2014which is one of the most attractive segments of the consumer-staples industry due to its faster growth, low exposure to private label and structural long-term drivers such as growth in smaller households and snacking extending to more occasions,\u201d Modi said. \u201cIn addition, we believe Utz has significant opportunity to extend its geographic reach as its current sales base is concentrated in Northeast and Mid-Atlantic.\u201d<\/p>\n

Utz stock is rising 1.7% Tuesday to $13.80.<\/p>\n

Write to Angela Palumbo at angela.palumbo@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

RBC Capital Markets analyst Nik Modi gives Utz a $17 price target. Dreamstime Utz Brands stock has taken a hit this year, but one analyst says now is the time to buy shares of the snack maker. RBC Capital Markets analyst Nik Modi initiated coverage of Utz stock (ticker: UTZ) with an Outperform rating and<\/p>\n","protected":false},"author":1,"featured_media":22572,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-22571","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"\nOzempic and Other Weight-Loss Drugs Have Pummeled This Stock. It May Be a Buy. | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"RBC Capital Markets analyst Nik Modi gives Utz a $17 price target. 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