Freshpet (FRPT) PT Raised to $177 at Jefferies After Capacity Constrained Earnings
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Jefferies analyst Stephanie Wissink raised the price target on Freshpet (NASDAQ: FRPT) to $177.00 (from $167.00) after Q4 results were In line with the January preannouncement. Q4 Sales were +29% Y/Y to $84.5M while GM% was 45.8%, -330bps Y/Y due to production downtime due to staffing/COVID and beef inflation, offset by higher ASPs. SG&A ratio improved 430bps Y/Y on sales leverage.
The analyst reiterated a Buy rating, stating "We are standing by our growth thesis with sales estimates moving higher offset by accel. investments in labor & capacity to satisfy inventory gaps at retail & the persistence of superior demand. Visibility remains high into a multi-year biz trajectory; path to $1.25B in 2025 at 25% margins (=$312.5M EBITDA) vs. $61M guided for 2021. Capacity is constrained & the company is building more, faster with benefits on the backside in 2022+."
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesJefferies & Co, Earnings
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