Morgan Stanley analyst Eric Serotta reiterated an Overweight rating and $90.00 price target on Freshpet (NASDAQ: FRPT)

The analyst commented, "Positive Read-Through for FRPT from TSCO Call: Tractor Supply (covered by Simeon Gutman) said on its conference call this morning that it will be aggressively expanding in fresh pet food this year, which we see as a solid incremental positive for Freshpet. As a reminder, Freshpet disclosed on its 3Q25 call that it had recently begun a small test with a rural lifestyle retailer, and on the 4Q25 call noted that it would be expanding to 250 stores in 1H26. Today, TSCO said will be scaling fresh and frozen pet food from ~80 stores today to >250 by the end of May, with a path to 700 stores by year-end. While this does include frozen (likely from another supplier), and TSCO didn't explicitly name FRPT, we believe that Freshpet accounts for the lion's share of TSCO's planned fresh/frozen pet expansion, with FRPT holding 95%+ share of the fresh pet food category. FRPT has also previously said the rural lifestyle retailer has been highly incremental to FRPT in initial tests given geographic skew vs FRPT's overall retail footprint. From a stock perspective, we believe that the TSCO comments were probably missed by many CPG analysts who cover FRPT. Reiterate OW: FRPT's stock is down -13% since mid-March (vs the S&P 500 +6%) when it noted Costco's planned expansion into the refrigerated fresh pet food category with its Kirkland Signature brand. We believe the TSCO expansion could help allay investor concerns (which we believe are overblown) about competitive risk in other channels."

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Shares of Freshpet closed at $68.12 yesterday.