Freshpet Inc. (FRPT), a leading provider of fresh, refrigerated pet food, saw its stock surge 5.24% in pre-market trading on Monday following an analyst upgrade. Jefferies analyst Kaumil Gajrawala upgraded the stock to a Buy rating and set a price target of $150, citing the company's promising growth prospects and scalability.

The upgrade comes amid increasing consumer demand for premium and fresh pet food products, a trend that is expected to benefit Freshpet. The company's innovative approach to pet food, emphasizing natural, refrigerated ingredients, has positioned it well to capitalize on this growing market segment.

Gajrawala highlighted the company's scalability as a key driver for future growth, noting that Freshpet's expanding production capabilities and distribution network could support its continued expansion. With pet owners increasingly seeking high-quality, nutritious options for their furry companions, Freshpet's offerings are well-positioned to gain further market share.