Jennifer Garner's company's stock plummeted 37%. She is recalling snacks for children
A BofA analyst downgraded Once Upon a Farm's rating and price target. He believes the company will face a long road to restoring consumer confidence.
Once Upon a Farm is recalling Tractor Wheels snack bars due to a choking hazard for young children / Photo: Instagram / onceuponafarm
Shares of Once Upon a Farm, a manufacturer of organic baby food and snacks, fell 37% on November 2, dropping to their lowest closing price since the company’s IPO. The company announced a recall of Tractor Wheels snack bars due to a potential choking hazard for children aged 1.5 to 2.5 years.
What happened?
Shares of the baby food manufacturer—whose co-founders include Jennifer Garner, the actress known for her roles in *Pearl Harbor* and *The Dallas Buyers Club*—plummeted 37.2% on November 2 on the New York Stock Exchange, to $9.44. This marks the company’s largest single-day drop since its IPO in February 2026.
During trading on November 3, the company's stock price fell by about 3%.
After the market closed on Friday, October 30, Once Upon a Farm issued a recall notice for its Tractor Wheels snack due to a choking hazard for children between the ages of 1.5 and 2.5 years: the company made this decision following three complaints from customers.
In its statement, the U.S. Food and Drug Administration (FDA) also warned that when chewed, the bars can form a dry, sticky mass capable of blocking the airways. The agency has received reports of such incidents involving children between the ages of one and a half and two and a half years, noting that some required emergency care and hospital observation.
During a conference call with shareholders and analysts on the morning of November 2, Once Upon a Farm CEO John Foraker stated that he is not yet ready to estimate the company’s total costs or the potential amount of insurance compensation. According to him, Tractor Wheels bars accounted for approximately 18% of the company’s total net revenue since the beginning of the year, and the absence of this product from the market will negatively impact sales until shipments resume.
The company plans to provide additional information when it releases its third-quarter financial results on November 12.
What Analysts Are Saying
On Tuesday, November 3, Bank of America downgraded Once Upon a Farm from “Buy” to “Underperform” and lowered its price target from $21 to $10. The bank is concerned not only about a loss of sales for Tractor Wheels, but also about a longer-than-expected recovery of parents’ trust in the entire brand.
William Blair analyst John Andersen, as quoted by Barron’s, maintains a positive outlook on Once Upon a Farm’s prospects. He believes the company has the potential to increase its share of the baby food market and achieve higher profitability as it scales its business. William Blair recommends buying the stock but does not specify a price target.
For their part, Freedom analysts do not expect the recall to affect Once Upon a Farm’s third-quarter revenue: it was announced after the end of the reporting period on September 30. However, the broader financial implications will become clear once the company itself has assessed the situation. Among its strengths, analysts noted the company’s lack of debt, $106.4 million in cash as of the end of the third quarter, and the ability to raise up to $95 million in additional financing under existing credit lines. Freedom maintained its “buy” rating and a price target of $24.5. This is 160% higher than the closing price following the market crash on November 2.
According to MarketWatch, five out of ten analysts recommend buying Once Upon a Farm stock, four recommend holding, and one has a sell rating. The average price target is $20.94, which is approximately 120% higher than the most recent closing price.
