Freshpet down after brokerages cut PT on weakening household penetration

Shares of pet food maker Freshpet FRPT.O fall 4.8% to $78.92

Brokerages J.P.Morgan and Stifel cut FRPT's price target

J.P.Morgan cuts PT to $91 from $102

JPM says it is concerned about the rate of change of consumption trends, including among lower- and middle-income consumers, and household penetration

Increasingly worried that shipments will fall short of tracked consumption this quarter thanks to the challenges of an important middleman distributor, Animal Supply Company, JPM says

Brokerage Stifel cuts PT to $115 from $135

Weakening sales trends reflect heightened volatility in the dog food category but also modestly weakening household penetration in recent quarters, Stifel says

Stifel also thinks FRPT's Q1 sales will be impacted by a distributor change in the pet specialty channel

Up to last close, stock was down 44% YTD