Freshpet price target raised to $120 from $70 at Truist

Truist raised the firm’s price target on Freshpet to $120 from $70 and keeps a Hold rating on the shares after its Q4 earnings beat and above-consensus guidance. The company has made steady progress over the past year with the help of an enhanced management team, though Q4 turned out to be an “inflection point” for Freshpet’s operational efficiency, the analyst tells investors in a research note. It is “admittedly difficult” to chase the stock at current 50-times expected FY24 EBITDA valuation levels, though the firm would look for a pullback or greater visibility into 2025 profitability as a reason to become more constructive in the name, Truist added.