Beyond Meat Stock Rises on Europe Expansion, Analyst Buzz

J.P. Morgan Securities is quite bullish on BYND's potential

May 28, 2019 at 9:46 AM
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It's been a busy first month on the public market for Beyond Meat Inc (NASDAQ:BYND), and the action's continuing today. BYND stock is trading up 4.3% at $83.10, as investors respond to news that the company is expanding its partnership with Zandbergen World's Finest Meat to create the company's first production facility outside the U.S.

Meanwhile, there are also a few notable analyst notes on the plant-based burger producer. On the bull side, J.P. Morgan Securities started coverage with an "overweight" designation and $97 price target, calling the company's growth potential "extraordinary." The firm's analysts put the total addressable plant-based meat market at $100 billion over the next 15 years, adding to the bullish views for Beyond Meat's sales potential we've seen from other analysts.

On the other hand, Goldman Sachs, Jefferies, and BoA-Merrill Lynch offered up more cautious views, each handing out the equivalent of a "hold" recommendation. The latter firm indicated it likes the company and sees great potential, but the stock's valuation is presently a concern.

Speaking of, BYND's market cap stood at about $4.8 billion as of Friday's close. The shares traded as high as $96.78 back on May 16, after opening at $46 in their first trading day on May 2. The few analysts already in coverage had an average 12-month price target of $82.

 

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