Source: Benzinga
Bernstein upgraded plant-food maker Beyond Meat Inc (NASDAQ: BYND ) back in November , but is moving back to the sidelines due to valuation concerns. The Analyst Alexia Howard downgraded Beyond Meat from Outperform to Market Perform with an unchanged $106 price target. The Thesis Beyond Meat’s stock has already gained 55% since the start of 2020 amid higher expectations for an expansion of the “PLT” burger with McDonald’s Corp (NYSE: MCD ) in Canada, Howard wrote in a note. The surge has expanded Beyond Meat’s stock multiple to 18 times EV/NTM Sales, which is a premium to the research firm’s fair multiple range of eight to 10 times. At current levels, the analyst said Beyond … Full story available on Benzinga.com
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