DA Davidson analyst Brian Holland lowered the price target on Beyond Meat Inc. (NASDAQ: BYND) to $84.00 (from $130.00) while maintaining a Underperform rating.

The analyst comments "Beyond Meat posted a strong 3Q19 beat & FY19 guidance raise, though this was generally anticipated given foodservice trial & retail distribution gains visible throughout the quarter. We remain impressed with execution thus far, and are inclined to back off previously held concerns about the McDonald’s partnership. But to be constructive, we’d like to defend an appropriately cautious long term outlook for both category & company (which we believe we have), against a more palatable valuation (getting closer). In the near term, we’ll monitor the stock through near term noise (lock up expiry, news flow) in search of a potential entry point."