Freshpet initiated with a Sell at UBS

UBS initiated coverage of Freshpet (FRPT) with a Sell rating and $65 price target The firm says consensus estimates for Freshpet are too high, and that “more subdued” growth in the near-term should cause the stock’s valuation to contract further. The current share price is pricing in mid-to-high teens revenue growth over the next few years, versus UBS expectations for low double digits, the analyst tells investors in a research note. The firm says Freshpet’s growth building blocks have deteriorated, with the company displaying softer trends in purchase frequency, repeat rates, and velocity.