Beyond Meat is rocking despite negative analyst moves this week, surging 17%


Beyond Meat CEO Ethan Brown (C) celebrates with guests after ringing the opening bell at Nasdaq MarketSite, May 2, 2019 in New York City.

Drew Angerer | Getty Images

Beyond Meat‘s stock is proving resilient to negativity on Wall Street.

Shares of the alternative meat company soared more than 17% on Wednesday, even after being downgraded by J.P. Morgan and Bernstein this week. The stock closed up 12%. 

The stock is rebounding after dropping 25% on Tuesday when J.P. Morgan downgraded Beyond Meat to neutral from overweight. The bank kept its price target of $120.

The stock is “beyond our price target,” J.P. Morgan analyst Ken Goldman said in the note to clients. Goldman said the downgrade is “purely a valuation call.”

Bernstein followed J.P. Morgan’s lead when it downgraded Beyond Meat to market perform from outperform on Wednesday. However, Bernstein raised its price target on the stock to $123 from $107.

There are now zero buy ratings on Beyond Meat and eight hold ratings, according to FactSet.

The company also announced Wednesday that Beyond Meat plant-based breakfast sandwiches are being offered in almost 4,000 Tim Horton restaurants across Canada.

Shares of Beyond Meat are up nearly 500% since its initial public offering in May.

Source link

Products You May Like

Articles You May Like

Trump, Xi trade tariffs still seen hurting economy, even after G-20
Why Ted Cruz may be blocking major retirement reform in the Senate
Paychex shares fall after Bank of America downgrades, blaming ‘excessive valuation’
JP Morgan analyst Stephen Tusa pushback on General Electric skepticism
New study shows there’s no one-size-fits-all diet

Leave a Reply

Your email address will not be published. Required fields are marked *