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Fly News Breaks for January 14, 2020
FRPT
Jan 14, 2020 | 07:17 EDT
Stifel analyst Mark Astrachan reduced his 2020-2021 EBITDA estimates for Freshpet as the company plans to increase investment to accelerate sales growth. However, he notes the recent strength in the stock suggests investors view the company's decision to focus on sales growth and share gains as the right one and he agrees with that view. The analyst, who believes 20% sales growth through at least 2023 remains "reasonable" for Freshpet, raised his price target on the stock to $70 from $57 and keeps a Buy rating on the shares.
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