TD Cowen downgraded Freshpet (FRPT) to Hold from Buy with an unchanged price target of $96. The firm cites its concerns about decelerating retail sales growth trends for the downgrade. TD sees risk that the Freshpet brand refrigerated fresh dog food concept is nearing a saturation point sooner than expected. While activist Jana pushing for a sale of the business is an upside risk for the stock, a bid from a strategic acquirer is unlikely to materialize in the near term, the analyst tells investors in a research note.
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