UPDATE: Credit Suisse Upgrades Freshpet to Outperform, Reiterates $19 PT Following Proprietary Analysis

In a report published Thursday, Credit Suisse analyst Robert Moskow upgraded the rating on

from Neutral to Outperform, and reiterated the $19.00 price target. In the report, Credit Suisse noted, “Freshpet's stock is down this year due to investor concerns that sales per store for Freshpet products is declining. Our analysis of Nielsen tracking data along with our conversations with management indicates that the market has overreacted to the optics in the company's reported data and not taken into account temporary dilution in velocity during periods of distribution gains. We think this provides a compelling entry point for Freshpet's stock. We upgrade our rating to Outperform.” Freshpet closed on Wednesday at $14.56.