Beyond Meat Inc. (BYND) PT Lowered to $3 at Piper Sandler, 'We remain bearish...EBITDA margins remain pressured'

(Updated - September 22, 2023 6:43 AM EDT)

Piper Sandler analyst Michael Lavery lowered the price target on Beyond Meat Inc. (NASDAQ: BYND) to $3.00 (from $6.00) while maintaining a Underweight rating.

The analyst comments "We remain bearish on BYND as EBITDA margins remain pressured and sales growth momentum has yet to materialize. Some improvement may come in 2H23, consistent with guidance, but US retail sales (per SPINS/IRI) continues to show ~19% revenue declines,
in the eight weeks that best approximates 3Q23TD. However, it has both volume and price/mix declines, and volumes have fallen since
January 2022, driving distribution declines (as measured by TDPs). Further shelf space and trade inventory declines are a risk. We expect
further downside near-term, and recognize there are many fundamental challenges that are not quickly fixed. We trim our 2023E sales
from ~$375M to ~$370M and our 2024E sales from ~$400M to ~$375M. We cut our target from $6 to $3 (still ~2x 2024E EV/Sales)."

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