Not quite. Utah does recognize AZ, but not vice versa.
Utah did away with reciprocity agreements, and decided to recognize EVERY state's CCW permits. But since there is not longer a reciprocity agreement, and AZ only recognizes permits from states with which it has an agreement, Utah permits are no longer any good in AZ.
Yet another well intentioned statute produced by the Utah legislature, loaded with unintended consequences because the legislature is filled with people who only know how to pray and not think.