Beyond Meat Inc. (BYND) PT Lowered to $121 at Jefferies After Posting its Worst Loss To Date

May 7, 2021 7:59 AM EDT
Get Alerts BYND Hot Sheet
Price: $126.54 -1.22%

Rating Summary:
    6 Buy, 10 Hold, 8 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 12 | New: 23
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Jefferies analyst Rob Dickerson lowered the price target on Beyond Meat Inc. (NASDAQ: BYND) to $121.00 (from $132.00) after the company posted its largest quarterly loss to date in Q1. Management also signaled that Q2 will remain pressured given promos, overhead, R&D, marketing, and freight expenses.

The analyst reiterated a Hold rating, stating "We’re lowering our 2021, 2022, and 2023 estimates given a potentially slower Foodservice recovery and higher investment needs than we had written to previously. While we believe Beyond’s strategy makes complete sense and the company has ability to be a LT category leader, we simply find valuation pricey given NT risk dynamics." "While we understand the need to spend in an effort to secure upfront share of consumer stomach, we remain sidelined given valuation and the current competitive backdrop."

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