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Fly News Breaks for June 18, 2019
FRPT
Jun 18, 2019 | 07:30 EDT
As previously reported, SunTrust analyst William Chappell downgraded Freshpet to Hold from Buy and kept his $50 price target on the stock. The analyst says his positive view of the company's fundamental story and outlook have not changed as it holds a pet food market share of only 3.3% in spite of its marketing driven growth over the past two years, but he cannot recommend for new investors to buy the stock at its current levels. Chappell adds that the "takeout premium" embedded in Freshpet valuation is likely "overstated" by the multiple's of recent acquisitions among the more "established food companies", since Freshpet is a niche company and would have a harder time offering synergies to a potential acquirer.
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