JPMorgan Chase & Co. Downgrades Beyond Meat (NASDAQ:BYND) to Neutral

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Beyond Meat (NASDAQ:BYND) was downgraded by equities research analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research note issued on Tuesday, Marketbeat.com reports. They currently have a $121.00 target price on the stock, up from their previous target price of $120.00. JPMorgan Chase & Co.‘s price target points to a potential downside of 14.77% from the stock’s previous close. The analysts noted that the move was a valuation call.

Other research analysts have also issued reports about the company. Credit Suisse Group increased their target price on Beyond Meat from $70.00 to $125.00 in a research report on Friday, June 7th. Consumer Edge initiated coverage on Beyond Meat in a report on Monday, May 20th. They issued an “equal weight” rating and a $89.35 price target for the company. Jefferies Financial Group initiated coverage on Beyond Meat in a report on Tuesday, May 28th. They issued a “hold” rating and a $85.00 price target for the company. William Blair initiated coverage on Beyond Meat in a report on Tuesday, May 28th. They issued a “market perform” rating for the company. Finally, Bank of America reiterated a “neutral” rating and issued a $101.00 price target (up from $85.00) on shares of Beyond Meat in a report on Friday, June 7th. Eight research analysts have rated the stock with a hold rating, The company currently has an average rating of “Hold” and a consensus target price of $104.48.

Shares of BYND opened at $141.97 on Tuesday. Beyond Meat has a twelve month low of $45.00 and a twelve month high of $186.43.

Beyond Meat (NASDAQ:BYND) last issued its earnings results on Thursday, June 6th. The company reported ($0.14) earnings per share for the quarter, hitting the consensus estimate of ($0.14). The firm had revenue of $40.20 million during the quarter, compared to analysts’ expectations of $38.93 million. The firm’s quarterly revenue was up 214.1% on a year-over-year basis. Equities research analysts predict that Beyond Meat will post -0.26 EPS for the current year.

In related news, insider Dariush Ajami purchased 2,000 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was purchased at an average cost of $25.00 per share, for a total transaction of $50,000.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Raymond J. Lane purchased 29,442 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was bought at an average price of $25.00 per share, with a total value of $736,050.00. The disclosure for this purchase can be found here.

Beyond Meat Company Profile

Beyond Meat, Inc, a food company, manufactures, markets, and sells plant-based meat products in the United States and internationally. The company sells its products under the Beyond Beef, Beyond Chicken, The Beyond Burger, Beyond Meat, Beyond Sausage, Eat What You Love, and The Cookout Classic brand names.

Further Reading: Momentum Indicators

Analyst Recommendations for Beyond Meat (NASDAQ:BYND)

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