Beyond Meat Inc. (BYND) PT Lowered to $100 at Canaccord Genuity

October 27, 2021 7:10 AM EDT
Get Alerts BYND Hot Sheet
Price: $73.56 -4.12%

Rating Summary:
    4 Buy, 11 Hold, 10 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 12 | Down: 15 | New: 61
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Canaccord Genuity analyst Bobby Burleson lowered the price target on Beyond Meat Inc. (NASDAQ: BYND) to $100.00 (from $125.00) while maintaining a Hold rating.

The analyst commented, "BYND reduced its Q3 net revenue outlook, expecting approximately $106 million in the quarter, well below prior guidance of $120-140 million. Weakness was attributed to several factors, including the COVID-19 Delta variant’s impact on US foodservice customers, lower-than-expected distribution orders, and shelf reset delays from labor shortages. Additional challenges resulted in unfulfilled orders, including severe weather which significantly reduced potable water for two weeks and damaged inventory at BYND’s facilities in Pennsylvania. Accelerated orders from an international customer during Q3 partially offset these challenges."

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