Freshpet (FRPT) is well-positioned to deliver on Q2 expectations and full-year 2026 financial targets but is expected to reiterate its full-year outlook in the current challenging macro environment, Oppenheimer said in a Tuesday note.

The company is slated to report its Q2 financial results on Aug. 5.

Freshpet has been optimistic regarding its business performance through early June and remains confident in its competitive moat even with the entry of new competitors, Oppenheimer analysts said.

Given the uncertain pet and consumer spending environment, as well as rising gas prices, the analysts believe that the company is likely to retain its full-year 2026 targets. Freshpet could also accelerate discretionary investments and boost advertising spending if the company outperforms the current expectations for the rest of the year, according to the note.

With the company's products dominating Costco's (COST) refrigerated pet food sections, and more fridge islands seen at Walmart (WMT), Freshpet remains a "top pick" for Oppenheimer, the analysts said.

Oppenheimer's rating on the company's stock is outperform with a price target of $80.

Price: 61.74, Change: +2.24, Percent Change: +3.76