Morgan Stanley analyst Eric Serotta upgraded Freshpet (FRPT) to Overweight from Equal Weight with a price target of $90, up from $71. The company’s sales growth bottomed in Q4 and is positioned to reaccelerate sequentially in 2026 amid easier comparisons, the analyst tells investors in a research note. The firm views Freshpet’s fiscal 2026 guidance for 7%-10% sales growth and the 9.1% consensus estimate as conservative. Morgan Stanley sees several drivers of potential upside to its 10.5% forecast, “even without a macro recovery.” The firm also sees less competitive risk than previously assumed from General Mills’ (GIS) expansion in fresh dog food following the “tepid” consumer response to its Blue Buffalo Love Made Fresh launch in late 2025.
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