Beyond Meat Inc. (BYND) PT Raised to $83 at Jefferies Ahead of Earnings

Jefferies analyst Rob Dickerson raised the price target on Beyond Meat Inc. (NASDAQ: BYND) to $83.00 (from $72.00) ahead of earnings on 5/5, noting that the company is gaining category share, but at-home competition on the rise.

The analyst maintained a Hold rating, stating "Our analysis shows that BYND continued to take tracked-channel category share during the Mar/Apr at-home buying period. It also shows, however, that most branded players saw a similar lift in growth relative to the Jan/Feb period (approximately 40%) and that Morningstar Farms (Kellogg) and brands collectively outside of the top three (when combining both refrigerated & frozen products) contributed more to incremental category dollars during Mar/Apr than they have done so historically. While this trend may not be of real concern for a
refrigerated category leader such as Beyond Meat, we do think it worthy of ongoing attention, as consumers could in fact trial more alternative protein products/brands if there’s a reduction in animal protein supply, as we referenced in our note yesterday".

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