Beyond Meat Shares Fall Ahead Of Earnings; Jefferies Trims Price Target
By Sam Boughedda
Investing.com -- Plant-based meat company Beyond Meat Inc (NASDAQ:BYND) is down more than 5% Wednesday ahead of its earnings release after the bell Thursday.
Beyond Meat, shares are trading around the $47.90 price mark after an approximately 60% decline in the last six months.
Today's decline was helped by Jefferies analyst Rob Dickerson who lowered the price target on Beyond Meat to $55 from $90.
In a note to investors, Dickerson said that trends point to "ongoing category growth pressures, limited pricing, and weakening velocities," and they remain cautious over the near term.
The analyst added that they are still below the fiscal year 2022 consensus, driven by weaker-than-expected first half revenues compared to estimates.
"Given near-term category and BYND growth concerns, we’ve lowered our PT to $55," he concluded.
Related Articles
Beyond Meat Shares Fall Ahead Of Earnings; Jefferies Trims Price Target
Air New Zealand heading for worst annual result since 2001 after tripling H1 loss
