TD Cowen upgraded its rating for Freshpet from Hold to Buy on Wednesday, citing better-than-expected retail sales growth and suggesting that market concerns over competitive threats may be overstated.

Analyst Robert Moskow stated in a report that the upgrade reflects year-to-date retail sales growth of 13%, which exceeds the company's full-year 2026 guidance of 7% to 10% growth. He also expressed confidence that fears regarding increased competition—such as Costco's new private-label entry and Farmer's Dog's expansion on Walmart.com—are likely overblown. Moskow emphasized his belief that Freshpet possesses sufficient scale and competitive advantages to withstand such challenges.

The firm set a price target of $80 for the stock, implying an approximate 27% upside from Tuesday's closing price.