Beyond Meat (BYND) Strong Quarter Backward Looking, Goldman Sachs Reiterates Sell

Beyond Meat (NASDAQ: BYND)
Goldman Sachs analyst, Adam Samuelson reiterated the Sell rating on shares of Beyond Meat Inc. (NASDAQ: BYND) while raising the price target to $42.00 (from $39.00) after the company reported 1Q20 Revenues of $97.1mn (in line with Consensus), EPS of $0.03 (ahead of expectations of $0.00) and adjusted EBITDA of $12.7mn, (ahead of expectations of $6.4mn).

The analyst stated "While we remain constructive about BYND’s long-term growth prospects and early-mover advantage in plant-based protein, we do not believe shares are appropriately reflecting the disruption to the near-and-medium growth trajectory from ongoing foodservice pressures". "While 1Q20 proved to be another quarter of robust growth and improved margin leverage (GMs +480bp Q/Q to 38.8%), we see performance in the period as comparatively backwards-looking amidst COVID-related channel and demand disruptions late in March".

For an analyst ratings summary and ratings history on Beyond Meat Inc. click here. For more ratings news on Beyond Meat Inc. click here.

Shares of Beyond Meat Inc. closed at $107.50 yesterday.

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