Beyond Meat news for Tuesday concerning two analysts initiating coverage of the company has BYND stock heading higher.
The good news for Beyond Meat (NASDAQ:BYND) starts with Goldman Sachs initiating coverage of BYND stock. This has analysts Adam Samuelson starting the company off with a “Neutral” rating and a price target of $67.
That price target of $67 is below BYND stock’s closing price of $79.67 as of Friday, but it isn’t exactly bad news. Samuelson claims that the company is a “a key early-mover” in the plant-based protein market that is shaking up the food industry.
The much more positive Beyond Meat news for Tuesday has to do with JPMorgan. It is also now covering BYND stock, but is coming out the gate stronger than Goldman Sachs. This includes a rating of “Overweight” and a price target of $97.
That $97 price target is a much more welcome one for BYND stock. It has JPMorgan expecting a roughly 22% increase for the company’s stock. Ken Goldman, the analyst behind the coverage, is also expecting great things from Beyond Meat. This includes sales shooting above $5 billion when it reaches its full potential, reports TheStreet.com.
More good news for Beyond Meat actually comes from one of its rivals: Impossible Foods. The company’s Impossible Burger is on sale at Burger King as the “Impossible Whopper”. A recent study shows that his new menu item boosted traffic by 18%. That shows that there is a market out there for plant-based protein.
BYND stock was up 8% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
