Freshpet (FRPT) could reset guidance amid a continued top-line slowdown, Oppenheimer said in a note on Wednesday.

"We still see a difficult shorter-term setup," Oppenheimer analysts said. Freshpet will release its Q2 results on Aug. 4.

While the shares are trading consistent with recent trough valuations, they said management could again reset guidance.

The report also pointed to competition from Blue Buffalo's

upcoming fresh launch that could represent a new overhang on its multiple near term.

"We are focused on management's efforts to stabilize/accelerate top-line growth, which we believe is essential for the bull case to reemerge," the analysts said.

Oppenheimer kept its perform rating on the stock.

Price: 75.58, Change: +2.34, Percent Change: +3.19