Freshpet downgraded to Hold at Truist on tepid pet category growth

As previously reported, Truist downgraded Freshpet (FRPT) to Hold from Buy with a price target of $80, down from $90. Based on the firm’s survey results and other data collected, it believes the pet food and products categories will post tepid to no growth for at least the rest of 2025 due to the continued reversion of pet ownership in the U.S. post-COVID, the analyst tells investors. The firm does not expect the valuations to improve until the respective categories return to volume growth, the analyst added.