UPDATE: Bernstein Downgrades Beyond Meat Inc. (BYND) to Market Perform
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(Updated - June 12, 2019 8:38 AM EDT)
(updated to add prior PT and analyst comment)
Bernstein downgraded Beyond Meat Inc. (NASDAQ: BYND) from Outperform to Market Perform with a price target of $123.00 (from $107.00)
- Downgrades on valuation.
- Follows JPMorgan downgrade yesterday also on valuation (LINK).
- Says equity has been volatile due to limited float and now trades at nearly 31x EV/NTM sales which limits upside from valuation perspective.
- Continues to expect material growth in plant-based meat category and sees company as well-positioned as a front-runner.
Shares of Beyond Meat Inc. closed at $126.04 yesterday.
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Related EntitiesJPMorgan, Sanford C. Bernstein
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