Freshpet upgraded to Outperform from Perform at Oppenheimer

Oppenheimer upgraded Freshpet (FRPT) to Outperform from Perform with an $80 price target. Following the stock’s 10% pullback this week on concerns of new competition from Costco’s (COST) Kirkland Signature brand, Oppenheimer’s sees a more attractive risk/reward. The firm is “increasingly confident” in Freshpet’s ability to stabilize sales trends, at least in the high single digits, even with new competition. The stock’s selloff brings a more attractive valuation and the company has “optionality from a potential takeout down the road as leading pet players adjust portfolios to incorporate fresh products,” the analyst tells investors in a research note.