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Investing.com - Benchmark reiterated a Buy rating and $80.00 price target on Freshpet (NASDAQ:FRPT) following the announcement of CFO Todd Cunfer’s departure. According to InvestingPro data, the company, currently valued at $2.32 billion, is showing promising fundamentals with a healthy current ratio of 4.81.
Freshpet disclosed in an 8-K filing that Cunfer is leaving to take the CFO position at Campbell’s Company, a $9 billion leader in the packaged food space.
The company named Ivan Garcia, current VP of Finance, as Interim CFO while conducting an external search for Cunfer’s permanent replacement.
Benchmark analyst Todd Brooks expressed disappointment regarding Cunfer’s departure, noting his instrumental role in driving profitability improvements during his three-year tenure at Freshpet.
Under Cunfer’s financial leadership, Freshpet experienced over 1000 basis points of improvement in gross margin, according to Benchmark’s analysis.
In other recent news, Freshpet announced the departure of Chief Financial Officer Todd Cunfer, who will be joining Campbell Soup as their Executive Vice President and CFO. Freshpet has appointed Ivan Garcia as the interim CFO, effective October 17, as they begin the search for a permanent replacement. Garcia, who has been with Freshpet since 2014, will temporarily serve as both the principal financial officer and principal accounting officer. Meanwhile, Campbell Soup has received a reiterated Neutral rating from DA Davidson, with the firm acknowledging Cunfer’s strong track record in financial management.
Freshpet has also reaffirmed its full-year 2025 guidance, indicating confidence in their ongoing operations despite the executive transition. DA Davidson continues to hold a Buy rating on Freshpet, citing positive outlooks on distribution growth and potential margin improvements. The firm’s analysis highlights the competitive landscape and demand environment as key factors in Freshpet’s business strategy. These developments underscore the dynamic changes within both companies as they adjust to new leadership roles.
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