Trademark filing from Blue Buffalo a 'modest negative' for Freshpet By Investing.com

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Trademark filing from Blue Buffalo a 'modest negative' for Freshpet

Stock Markets Feb 01, 2023 02:53PM ET

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Trademark filing from Blue Buffalo a 'modest negative' for Freshpet

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Stifel analyst Mark Astrachan told investors in a note Wednesday that he believes Blue Buffalo — owned by General Mills Inc (NYSE:GIS) — is considering introducing a refrigerated, fresh pet food competitor to Freshpet Inc (NASDAQ:FRPT).

The analyst's view is based on a first-time, recent trademark filing from Blue Buffalo for "Fresh Fridge-to-Bowl Dog Food." He stated that the news is a modest negative for Freshpet.

Astrachan, who maintained a Buy rating and $75 per share price target on Freshpet shares, added that they do, however, believe it could accelerate refrigerated pet food category adoption, which the firm's analysis indicates is a "significant opportunity."

We are not surprised by a potential competitive entrant from Blue Buffalo given a similar product appeal focusing on more healthful product positioning and cleaner ingredients [and company commentary regarding the category]," wrote Astrachan.

"We also note the introduction of a competing product from Mars-owned Cesar in August 2021 has underperformed, with TTM sales ~0.6% of that of Freshpet. Additionally, we are unsure where the product will be placed in store as Freshpet controls space in its branded refrigerators," he added.

By Sam Boughedda

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