Goldman Sachs analyst Adam Samuelson has maintained their bearish stance on BYND stock, giving a Sell rating on November 2.
Adam Samuelson has assigned a ‘Sell’ rating to Beyond Meat for several reasons. Samuelson has revised his estimates based on Beyond Meat’s 3Q23 earnings and the company’s updated outlook for 2023. A noticeable trend is the continuation of volume declines in North American Retail and Foodservice. The company’s attempts to boost volumes using pricing and promotional actions have not produced the desired effect due to ongoing pressures in the broader plant-based category and domestically from consumers.
Samuelson acknowledges that management is considering significant commercial and operational changes to improve margins and achieve sustainable positive free cash flow. However, he believes these measures carry substantial execution risks. The potential for further elasticity in consumer demand and possible reductions in household penetration are significant factors contributing to these risks. Given these circumstances, Samuelson has lowered his 12-month price target for Beyond Meat to $4 and maintains his ‘Sell’ rating.
In another report released on November 2, Barclays also maintained a Sell rating on the stock with a $5.00 price target.
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Beyond Meat (BYND) Company Description:
Beyond Meat, Inc. engages in the provision of plant-based meats. Its products include ready-to-cook meat under the brands The Beyond Burger and Beyond Sausage; and frozen meat namely Beyond Chicken Strips and Beyond Beef Crumbles. The company was founded by Ethan Walden Brown and Brent Taylor in 2009 and is headquartered in El Segundo, CA.
Read More on BYND:
- Beyond Meat options imply 12.6% move in share price post-earnings
- Options Volatility and Implied Earnings Moves Today, November 08, 2023
- Beyond Meat put volume heavy and directionally bearish
- Beyond Meat price target lowered to $7.50 from $13 at Canaccord
- Beyond Meat lowers 2023 revenue outlook to $330M-$340M, consensus $366M
