Shares of Freshpet (NASDAQ:FRPT) surged in trading after the pet foods company reported third-quarter earnings. Indeed, losses narrowed to -$0.15 per share from -$0.39 per share in the same period last year. For reference, analysts were expecting -$0.16 per share.
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The company’s net sales increased by 32.6% year-over-year to $200.6 million, beating analysts’ expectations of $194.5 million.
Looking forward, management raised its FY23 guidance and now expects net sales of around $755 million, up by 27% year-over-year and above its prior guidance of $750 million. Adjusted EBITDA is likely to be around $62 million, up from its previous guidance of at least $55 million.
What is the Target Price for FRPT?
Analysts remain bullish about FRPT stock with a Strong Buy consensus rating based on nine Buys and two Holds. The average FRPT price target of $91.09 implies an upside potential of 32.4% from current levels.
