Beyond Meat Inc. (BYND) PT Raised to $95 but Jefferies Remains Sidelined

May 6, 2020 6:14 AM EDT
Get Alerts BYND Hot Sheet
Price: $122.70 -1.49%

Rating Summary:
    6 Buy, 10 Hold, 8 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 11 | New: 8
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Jefferies analyst Rob Dickerson raised the price target on Beyond Meat Inc. (NASDAQ: BYND) to $95.00 (from $83.00) after Q1’20 gross margin beat consensus by >750 bps reaching a company
high 38.8%, driven by lower costs, which in turn drove EBITDA higher. Revenues declined by $1mm (or ~1%) relative to Q4’19, as a 37% sequential increase in products sold at retail was offset by a ~29% sequential decline in Foodservice.

The analyst maintained a Hold rating, stating "alternative protein has a real chance to gain incremental share over animal protein in the near-term, but given near-term foodservice risk, other upcoming competitive launches, and uncertain volume elasticity vis-a-vis lower pricing, we remain
sidelined".



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