Freshpet upgraded to Buy from Hold at Truist

Truist upgraded Freshpet (FRPT) to Buy from Hold with a price target of $135, up from $120. The firm believes that investors’ shifting focus towards companies with volume growth and the “dearth” of consumer packaged goods, or CPG, companies with FY24 sales growth greater than 10% will lead to multiple expansion in the near term. The firm also believes Freshpet’s expansion at Costco (COST) will fuel more quarterly sales “surprises” and sees the company’s path to its 2027 EBITDA margin target coming into focus as manufacturing expansion nears completion, the analyst tells investors.