Beyond Meat (NASDAQ:BYND) is in the news Wednesday after announcing a new product and getting an upgrade from an analyst.
Let’s start out with Beyond Meat’s new product, which is called the “Cookout Classic.” This is a collection of 10 plant-based burgers that customers will be able to pick up for $15.99. BYND notes that’s the cheapest its ever offered its fake burgers for.
A Beyond Meat news release notes that customers will be able to find the Cookout Classic at several retailers. That includes Walmart (NYSE:WMT) and Target (NYSE:TGT). The product will be available in the frozen section.
Beyond Meat’s new product launches on June 22 and will only be available for a limited time. BYND also mentions that each serving in the pack contains 18g of protein and includes no GMOs. It’s also planning deals for other offerings over the summer.
The other positive news moving Beyond Meat stock higher today has to do with an upgrade. Robert Moskow, an analyst at Credit Suisse, has increased the price target for the stock from $90 per share to $154 per share.
The new price target for BYND stock is a 71.1% increase from the previous price target. It’s also a 1.4% jump from the stock’s closing price of $151.94 when markets closed on Tuesday. While that’s not much upside over the close, its a major increase from the former price target.
BYND stock was up 4.5% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
