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