Beyond Meat (NASDAQ:BYND) stock is heating up on Tuesday on expectations for its McPlant product to launch earlier than expected.
According to Piper Sandler analyst Michael Lavery, Beyond Meat and McDonald’s (NYSE:MCD) are planning to have the McPlant available at all of the latter’s locations before March ends. That’s a quicker rollout than the analyst was expecting.
The Piper Sandler analyst commented on the McPlant launch while upgrading shares of BYND stock. This saw Lavery bumping the shares from an underweight rating to the new neutral rating. The analyst consensus rating for BYND is hold based on two buys, 10 holds, and seven sell ratings.
To go along with that new rating is an updated price target for BYND stock. This saw the analyst boosting their price prediction for BYND stock from $61 per share to $64 per share. For comparison, the consensus price target for the stock is $92.80.
BYND stock is getting some extra attention today that has shares trading heavier-than-normal. As a result, more than 4 million shares of the stock have changed hands. That’s already above the company’s daily average trading volume of 3.2 million shares.
BYND stock is up 6.8% as of Tuesday afternoon but is still down 46.1% since the start of the year.
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On the date of publication, William White 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.