BofA Cuts Once Upon a Farm Rating as Tractor Wheels Recall Raises Risks

Once Upon a Farm’s Tractor Wheels soft-baked bar recall has prompted BofA to cut its rating on the company by two levels, with risks that may extend beyond lost sales.

Analysts estimate adjusted EBITDA losses of $1.2 million in fiscal 2026, $16.2 million in fiscal 2027 and $35.5 million in fiscal 2028. The recall could bring refunds, retailer removal fees and extra quality-control costs, alongside lost sales and profit.

The recall could weaken parental trust and make retailer support or additional shelf space harder to secure. It may also affect products beyond Tractor Wheels.