UPDATE: Mizuho Securities Starts Beyond Meat Inc. (BYND) at Neutral
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Mizuho Securities analyst John Baumgartner initiates coverage on Beyond Meat Inc. (NASDAQ: BYND) with a Neutral rating and a price target of $59.00.
The analyst comments "We initiate coverage of Beyond Meat, Inc. (BYND) with a Neutral rating and $59 price target. BYND shares have exhibited extreme volatility since May 2019's initial public offering (price range $61-$235), as investors size the market for plant-based meat alternatives (PBM). We believe long-term expectations are too high, and high-beta equities appear poised for near-term market resistance. Retail money flow has waned, Street expectations are resetting lower, and short interest is 35% of the float; a tough setup to short ahead of potential 2022 pipeline fills (foodservice and international) which reduce revenue risk. Net, valuation approaches our fair value, and we're content on the sidelines."
Shares of Beyond Meat Inc. closed at $61.20 yesterday.
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