Freshpet price target lowered to $66 from $80 at JPMorgan

JPMorgan lowered the firm’s price target on Freshpet (FRPT) to $66 from $80 and keeps a Neutral rating on the shares. The stock is down 22% in the past six trading days due to it being a “very crowded long” and competition emerging at key customers, including private label at Costco (COST), The Farmer’s Dog at Walmart.com (WMT), and a bagged product from General Mills’ (GIS) Love Made Fresh, the analyst tells investors in a research note. JPMorgan does not view Freshpet’s situation as “tantamount to the competitive pressures” faced by Bellring Brands (BRBR). However, it is possible that new entrants present incremental competitive pressure in a category that has historically been dominated by a single brand at retail, adds the firm. It sees upside in the Freshpet shares but not enough to warrant an upgrade.