Stifel analyst Mark Astrachan thinks Blue Buffalo — owned by General Mills (GIS) — is considering introducing a refrigerated, fresh pet food competitor to Freshpet (FRPT). The firm’s view is based on a first-time, recent trademark filing from Blue Buffalo for "Fresh Fridge-to-Bowl Dog Food." Stifel is not surprised by a potential competitive entrant from Blue Buffalo given a similar product appeal focusing on more healthful product positioning and cleaner ingredients. The firm views the potential introduction as a modest negative for Freshpet, but also thinks it could accelerate refrigerated pet food category adoption, which its analysis indicates is a significant opportunity. Stifel has a Buy rating on Freshpet’s shares with a price target of $75.
Published first on TheFly
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