DA Davidson analyst Brian Holland initiated Freshpet with a Buy rating and a price target of $60, saying the company is among the "most compelling" stories in Consumer Staples as a "disruptor" in the $30B N. America pet food market. The analyst notes that Freshpet is able to leverage its "first-mover advantage" with its fresh refrigerated product offerings amid the rising consumer focus on pet health. Holland adds that the company has a "considerable runway" in its market penetration and could reach $500M in annual net sales by FY23, though he also expects Freshpet to "ultimately get acquired" at a steep multiple.