UPDATE: Piper Sandler Downgrades Beyond Meat Inc. (BYND) to Underweight, IRI Points to a Miss

September 15, 2021 7:13 PM EDT
Get Alerts BYND Hot Sheet
Price: $107.08 +1.36%

Rating Summary:
    5 Buy, 11 Hold, 9 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 15 | Down: 25 | New: 91
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(Updated - September 16, 2021 9:31 AM EDT)

Piper Sandler analyst Michael Lavery downgraded Beyond Meat Inc. (NASDAQ: BYND) from Neutral to Underweight with a price target of $95.00 (from $120.00).on the belief that IRI data suggests a miss relative to consensus.

The analyst stated "Beyond's US retail sales fell by -10% 3Q21TD (per SPINS + IRI), with MULO-C channel sales down -8% (per IRI) and natural channel sales down -27% (per SPINS). The natural channel is small (14% of US retail sales), but its sharp declines weigh on its total retail performance." The analyst went on to comment "we believe its current all-channel retail momentum lags consensus expectations, and our foodservice estimates may be high, too. We dissect US FS sales to capture the impact of lost DNKN stores, but our estimates may still be optimistic. We lower our '21E sales from ~$530M to ~$520M, and lower our '22E sales from ~$890M to ~$840M. We lower our EV/Sales multiple from ~8x to ~7x on a weaker growth outlook, cut our target from $120 to $95 and our rating from Neutral to UW"

For an analyst ratings summary and ratings history on Beyond Meat Inc. click here. For more ratings news on Beyond Meat Inc. click here.

Shares of Beyond Meat Inc. closed at $110.45 yesterday.

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