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Beyond Meat is rocking despite negative analyst moves this week, surging 17%
CNBC
Wed, 12 Jun 2019 20:23

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

CNBC
Wed, 12 Jun 2019 20:23

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

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


Drew Angerer | Getty Images
Beyond Meats 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 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. Morgans 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.