Truist lowered the firm’s price target on Freshpet (FRPT) to $110 from $140 and keeps a Buy rating on the shares. The firm is adjusting the quarterly cadence of its sales and adjusted EBITDA estimates to account for more front-half weighted media spend, the analyst tells investors in a research note. Truist’s reduced price target on Freshpet also reflects the multiple compression seen across the high-growth CPG group, the firm added.
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