Jefferies Survey Shows Beyond Meat Inc. (BYND) Competition Impacting Results, PT Lowered to $132
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Jefferies analyst Rob Dickerson lowered the price target on Beyond Meat Inc. (NASDAQ: BYND) to $132.00 (from $140.00) after modeling a bottom-up QSR analysis that points to upside but also noted that U.S. retail trends and survey results point to elevated retail risk heading into the core grilling season. The combination of the two issues leaving the analyst below consensus.
The analyst reiterated a Hold rating, stating "Given the elevated competitive backdrop, constrained NT margin expansion potential due to higher brand investment needs, and valuation, we remain sidelined." He went on to state "recent tracked U.S. retail data shows that BYND has been gaining less share sequentially as Impossible and private label ramp. Additionally, when we asked consumers which plant-based brand they’ve purchased over the L3M and L12M, BYND saw the largest drop of the dozen brands listed. Given the highly competitive backdrop at retail, we’ve lowered our Retail revenue forecasts by ~7% on average for each of FY’21, FY’22, and FY’23."
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