TD Cowen downgraded Freshpet (NASDAQ:FRPT) from Buy to Hold and set a $96 price target, citing concerns over slowing retail sales growth. As a result, the company’s shares fell over 3% intra-day today.

The analysts noted that Freshpet’s core offering—refrigerated fresh dog food—may be approaching market saturation sooner than anticipated, raising questions about the brand’s long-term growth trajectory. While activist investor JANA Partners is pushing for a sale of the company, TD Cowen sees limited likelihood of a near-term acquisition by a strategic buyer, tempering any immediate upside potential.