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Analyst Upgrades and Downgrades: Why DASH, CAR and BYND Stocks Are Moving Today

It has been an interesting few weeks on Wall Street. And for DoorDash (NYSE:DASH), Avis Budget Group (NASDAQ:CAR) and Beyond Meat (NASDAQ:BYND) stock, things are getting even more interesting today.

Person on the phone points at charts on a computer screen.

Source: Shutterstock

Why? This trio of tickers just received a bit of news from some of the stock market’s top experts. And while not all of these tickers reacted the same way to these analysts’ upgrades or downgrades, investors should continue to keep a close eye on these three stocks.

So, what did the analysts say and how did these three stocks react? Let’s jump in and take a closer look.

DoorDash (DASH)

DASH stock is up more than 5% on Thursday after Bank of America upgraded the ticker to a “buy” rating from “neutral.” According to CNBC, BofA’s “bullish call is based on upside to 2021 estimates as well as a ‘robust’ five-year growth opportunity.” Additionally, BofA “pointed to an even larger total addressable market for the delivery company as it branches out into new verticals.”

Avis Budget Group (CAR)

Just like DoorDash, Avis Budget Group is also riding higher after an upgrade from BofA. And CAR stock is reaping the benefits on Thursday, up 9.8% on the day.

In its report, BofA said it has been impressed with the company in 2021, and expects its strong performance to continue in 2022. More specifically, BofA “points to incoming vehicle supply and tight average fleet, elevated revenue per day from the ongoing supply/demand imbalance, and moderated per unit fleet cost from elevated used vehicle pricing.”

Beyond Meat (BYND)

Unfortunately, the Thursday gains haven’t made their way to Beyond Meat. Overall, the stock is down 5% after Piper Sandler downgraded the company to “underweight” from “neutral.” Specifically, the firm noted that “Beyond is an early leader in plant-based meat, but we believe its current all-channel retail momentum lags consensus expectations.”

On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Nick Clarkson is a web editor at InvestorPlace.


Article printed from InvestorPlace Media, https://investorplace.com/2021/09/analyst-upgrades-and-downgrades-why-dash-car-and-bynd-stocks-are-moving-today/.

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