Piper Sandler Reiterates Overweight Rating on Freshpet (FRPT)

Piper Sandler analyst Michael Lavery reiterated an Overweight rating and $150.00 price target on Freshpet (NASDAQ: FRPT).

The analyst commented, "We believe FRPT's brand equity and product differentiation set it apart, and we expect a long runway of strong growth. It remains committed to holding top-line growth to ~25%, though it looks to be just ahead of that pace in 2Q24. We see ~2-3pp of potential upside to our +25.0% 2Q24E organic sales growth estimate and ~1-2pp of upside to consensus, helped by unmeasured channels. Margin momentum and progress to positive FCF remain on track, if not ahead of schedule. Its fourth Ennis line dedicated to rolls is expected to come online in September, roughly two weeks ahead of schedule. Extended runs and better operating leverage are likely levers for further upside not yet reflected in targets. We maintain our 2024E and 2025E sales estimates of ~$960M and ~$1,195M and our $150 PT."

For an analyst ratings summary and ratings history on Freshpet click here. For more ratings news on Freshpet click here.

Shares of Freshpet closed at $129.00 yesterday.

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