Freshpet: Sustained Outperformance, Contained Competitive Threats, and Margin Upside Support Buy Rating

TD Cowen analyst Robert Moskow upgraded the rating on Freshpet to a Buy today, setting a price target of $80.00.

Robert Moskow has given his Buy rating due to a combination of factors, including Freshpet’s retail sales significantly outpacing both its own guidance and prior expectations, helped by strengthening e‑commerce performance that he believes can be sustained. He also views the feared competitive pressures from Costco’s private label and The Farmer’s Dog’s move onto Walmart.com as less damaging than the market assumes, given pricing dynamics, limited distribution, and Freshpet’s scale advantages.

He further highlights that Costco is expanding Freshpet’s in‑store presence and fridge space, which should more than counterbalance any share loss to the Kirkland offering, supporting stronger contribution to growth in 2026. In addition, new bag production technology is already improving efficiency and lowering costs, and Moskow sees this as a pathway for Freshpet to push gross margins above its current long‑term target, reinforcing the upside case for the stock.

In another report released on March 25, D.A. Davidson also reiterated a Buy rating on the stock with a $98.00 price target.