Beyond Meat (BYND) JV With Pepsi (PEP) Is Non-Event Says Wells Fargo, Remains Underweight Beyond Meat

January 26, 2021 10:39 AM EST
Get Alerts BYND Hot Sheet
Price: $135.83 +2.70%

Rating Summary:
    5 Buy, 10 Hold, 9 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 17 | New: 52
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The analyst comments "BYND: Reiterate Underweight: At the open, shares are +26% (vs. XLP’s flat) which we attribute to news involving “PepsiCo” and short interest at 38% of float in market where latest theme is going long heavily-shorted names. JV doesn’t change NT fundamental trajectory for growth (we expect continued deceleration) and we don’t expect related incremental distribution for BYND's core products. LT, plant-based snacks may prove incremental to some extent but we struggle to envision portfolio’s form and economics likely inferior to anything exclusively developed. Now at 21x our EV/CY21E revenue, amid slowing Nielsen takeaway, we stick with a short position but acknowledge ST pain created by newsflow overtaking fundamentals in market."

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