Beyond Meat (BYND) JV With Pepsi (PEP) Is Non-Event Says Wells Fargo, Remains Underweight Beyond Meat
- Tech stocks push S&P 500 to record close, buoy Nasdaq
- U.S. Calls for Pause of J&J (JNJ) Vaccine After Clotting Cases, Including One Death
- Coinbase (COIN) direct listing IPO reference price set at $250
- Biggest SPAC Deal Ever: Grab To Go Public in a $40 Billion Merger With Altimeter (AGC), Backed by Fidelity and BlackRock
- Oil rises after robust China data but J&J vaccine pause weighs
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
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."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Beyond Meat® Announces Major Retail Expansions Throughout Europe
- OrganiGram Holdings Inc. (OGI:CN) (OGRMF) PT Raised to Cdn$6.15 at Cantor Fitzgerald
- UPDATE: Wedbush Assumes Twitter, Inc. (TWTR) at Neutral
Create E-mail Alert Related CategoriesAnalyst Comments, Hot Comments
Related EntitiesWells Fargo
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!