UPDATE: Piper Sandler Downgrades Beyond Meat Inc. (BYND) to Neutral
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Piper Sandler analyst Michael Lavery downgraded Beyond Meat Inc. (NASDAQ: BYND) from Overweight to Neutral with a price target of $125.00.
The analyst comments "Beyond is an early leader in plant-based meat, which we believe could be a $6-8B market by 2025. However, we believe its current retail momentum lags consensus expectations in 4Q20, and estimates may be at risk in 2021, too. Shipments vs. consumption (using IRI and SPINS) suggests there is potential for another quarter of under-shipments in 4Q20, too. We maintain our 2020E sales of ~$395M, but we trim our 2021E sales from $670M to ~$590M, and we cut our target from $144 to $125. We lower our rating to Neutral."
Shares of Beyond Meat Inc. closed at $126.07 yesterday.
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