Freshpet Inc. (FRPT) stock plummeted 6.24% during intraday trading on Tuesday, following analysts' actions to cut their price targets on the pet food company.
Truist Securities slashed its price target on Freshpet to $140 per share from $170, citing concerns about the company's growth prospects and profitability. Similarly, Stephens cut its target price on the stock to $160 from $190, reflecting a more cautious outlook on Freshpet's future performance.
The analysts' downgrades and lower price targets likely contributed to the significant selloff in Freshpet shares on Tuesday, as investors reevaluated the company's valuation and growth expectations. The stock's sharp decline underscores the market's sensitivity to changes in analyst sentiment and highlights the potential impact of such actions on a company's share price.
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