Beyond Meat news for Tuesday about an upgrade for BYND stock has it on the rise today.
Source: Sundry Photography / Shutterstock.com
The upgrade for Beyond Meat (NASDAQ:BYND) comes from JPMorgan analyst Ken Goldman. A recent note from Goldman has him upgrading BYND stock from its previous rating of “Neutral” to a new rating of “Overweight.”
So what exactly is behind this change of tune from JPMorgan when it comes to BYND stock? There’s actually a few reasons that Goldman believes make Beyond Meat worth its new “Neutral” rating.
First off, he notes that the company has seen its valuation improve as it gains new deals and sees earnings increase. He also says that data about the company suggest that it is performing well with customers. The analyst finally points out that there is still plenty of potential for it to strike deals with food companies, reports MarketsInsider.
That last point is one that appears to be easy to see for just about anyone follow Beyond Meat news. The company’s recent deals include its Beyond Burgers showing up in both Hello Fresh and Blue Apron (NYSE:APRN) meal kits.
There are also other partnerships with fast food chain’s as well. Among these is one with Subway for a Meatless Meatball Marinara sub. It also has a deal with Restaurant Brands International’s (NYSE:QSR) Tim Hortons for its Beyond Breakfast Sausage.
BYND stock was up 5% as of noon Tuesday and is up 119% since its IPO back in May.
More From InvestorPlace
- 2 Toxic Pot Stocks You Should Avoid
- 10 Cheap Dividend Stocks to Load Up On
- The 10 Biggest Losers from Q2 Earnings
- 5 Dependable Dividend Stocks to Buy
As of this writing, William White did not hold a position in any of the aforementioned securities.