Peter Benedict, an analyst from Robert W. Baird, reiterated the Buy rating on Freshpet (FRPT – Research Report). The associated price target is $100.00.
Peter Benedict has given his Buy rating due to a combination of factors that indicate a strong growth potential for Freshpet (FRPT). His confidence stems from the company’s reaffirmed financial outlook for the fiscal year 2023 and its ambitious long-term targets set for 2027. Freshpet’s commitment to expanding sales and improving margins, coupled with their consistent guidance that aligns with market expectations, underpins this positive assessment. Moreover, the recent strategic hire of a new Senior Vice President of Quality & Food Safety suggests a strengthening of the company’s leadership team, which is expected to further drive operational excellence and safety standards.
Benedict’s optimism also hinges on Freshpet’s robust top-line growth, evidenced by impressive Nielsen Mega-Channel consumption figures and substantial volume growth. Notably, Freshpet’s household penetration rates are climbing, with remarkable traction among different income demographics and generational segments—indicating a broader appeal of the brand. The company’s strategic focus on becoming a mainstream choice for pet meals and its targeted advertising to promote Freshpet as a healthy food option suggests potential for increased market share. Furthermore, the company’s effective operational performance and disciplined expense management support the outlook for a more profitable enterprise, reinforcing the Buy rating.
In another report released yesterday, Wells Fargo also maintained a Buy rating on the stock with a $96.00 price target.
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Freshpet (FRPT) Company Description:
Freshpet, Inc. engages in the manufacturing, marketing, and distribution of pet food and pet treats for dogs and cats. Its products are sold throughout the United States and in Canada under the Freshpet Select, Vital and Nature’s Fresh brands. Its products include deli fresh grain free chicken recipe for dogs; dog joy turkey and apple bites treats for dogs; nature’s fresh grain free chicken recipe for cats; and vital grain free chicken and ocean whitefish recipe for cats. The company was founded by Scott Morris and Cathal Walsh in November 2004 and is headquartered in Secaucus, NJ.
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