Finance

Beyond Meat CEO Ethan Brown (C) celebrates with guests after ringing the opening bell at Nasdaq MarketSite, May 2, 2019 in New York City.

Drew Angerer | Getty Images

Beyond Meat‘s stock is proving resilient to negativity on Wall Street.

Shares of the alternative meat company soared more than 17% on Wednesday, even after being downgraded by J.P. Morgan and Bernstein this week.

The stock is rebounding after dropping 25% on Tuesday when J.P. Morgan downgraded Beyond Meat to neutral from overweight. The bank kept its price target of $120.

The stock is “beyond our price target,” J.P. Morgan analyst Ken Goldman said in the note to clients. Goldman said the downgrade is “purely a valuation call.”

Bernstein followed J.P. Morgan’s lead when it downgraded Beyond Meat to market perform from outperform on Wednesday. However, Bernstein raised its price target on the stock to $123 from $107.

There are now zero buy ratings on Beyond Meat and eight hold ratings, according to FactSet.

The company also announced Wednesday that Beyond Meat plant-based breakfast sandwiches are being offered in almost 4,000 Tim Horton restaurants across Canada.

Shares of Beyond Meat are up nearly 500% since its initial public offering in May.

Products You May Like

Articles You May Like

How much you’ll need in retirement savings by age 30, 40, 50 and beyond
Google Assistant is better than Alexa or Siri at helping patients with their drugs, study finds
Don’t expect the US and China to make any trade progress at G-20, short seller Carson Block says
Goldman Sachs says low volatility stocks will beat the market after a rate cut
Airbnb goes high-end with listings in castles and private islands

Leave a Reply

Your email address will not be published. Required fields are marked *