Higher costs of living, slowing pet adoptions and a preference toward cats and smaller dogs have kept high-end pet-food maker Freshpet Inc. in the doghouse, BofA analysts said Wednesday.

Against that backdrop, the analysts downgraded Freshpet’s stock

FRPT to a neutral rating from a buy rating, and cut their price target to $60 from $81. Shares finished 6.3% lower on Wednesday.