10:40 AM EDT, 10/08/2025 (MT Newswires) -- Freshpet's ( FRPT ) topline is impacted by a slowdown in pet food category growth, particularly dog food, over the last six months, BofA Securities said in a note Wednesday.

The brokerage said growth is deteriorating amid the consumer spend pullback, slowing pet adoptions and the fresh pet food value proposition "seemingly" becoming less economical.

BofA said this slowdown has particularly resulted in deterioration of Freshpet's ( FRPT ) topline growth from over 20% in late 2024 to low double/high single digits.

The company also contends with new category entrants going forward, the firm said.

BofA downgraded the company's rating to neutral from buy and cut its price objective to $60 from $81.

Freshpet ( FRPT ) shares were down almost 6% in recent trading.

Price: 49.74, Change: -3.13, Percent Change: -5.92