Home IPO Beyond Meat a Buy at Argus on Brand Strength and Market-Share Prospects

Beyond Meat a Buy at Argus on Brand Strength and Market-Share Prospects

by TradingETFs.com

Beyond Meat (BYND) – Get Report shares rose after Argus analysts initiated coverage of the plant-based-meat company with a buy rating.

The analysts set their share-price target for Beyond Meat at $130. At last check, Beyond Meat’s stock traded up 3.5% at $98.79. The stock through the close Tuesday was 60% off its 52-week high near $240, set in late July.

“We view Beyond Meat as the leading company in the plant-based-protein space, with a widely recognized brand and prospects for continued market share growth,” Jim Kelleher and Angus Kelleher-Ferguson wrote in a report.

“We expect demand for plant-based alternatives to meat to continue to grow, driven not only by consumer preferences for healthier food, but also by environmental concerns, especially among younger consumers.”

Last week, the El Segundo, Calif., company reported that fourth-quarter revenue tripled from a year earlier to $98.5 million. Its net loss narrowed to 1 cent a share from $1.10. Analysts surveyed by FactSet were estimating the company would earn a penny a share.

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