Beyond Meat Inc. (BYND) PT Raised to $118 but Jefferies Maintains Hold Rating

August 11, 2020 6:01 AM EDT
Get Alerts BYND Hot Sheet
Price: $122.55 -1.23%

Rating Summary:
    6 Buy, 10 Hold, 8 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 22 | Down: 13 | New: 31
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Jefferies analyst Rob Dickerson raised the price target on Beyond Meat Inc. (NASDAQ: BYND) to $118.00 (from $95.00) after the company did an impressive job of redirecting its excess restaurant-bound supply to retail outlets. The company did this globally and efficiently enough to hold onto its profit margins better than many had feared and point to ongoing international upside.

The analyst maintained a Hold rating due to valuation stating "BYND’s revenue growth potential in the near term, brand equity within alternative plant-based protein, and its overall ESG positioning collectively support a heightened valuation, in our view. We value the shares at 9x the average of our 2021/2022 revenue forecast vs. current market valuation of 9.5x. BYND trades on an EV/sales basis fairly in line with FRPT, but at a material premium to MNST, NFLX, TSLA, and MKC, all either higher-growth food & beverage companies or sector-specific disruptors. Our current $118 PT does suggest downside in the stock, but merely off a valuation".

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