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Wells Fargo cautious on Beyond Meat

Oct. 14, 2019 9:30 AM ETBeyond Meat, Inc. (BYND) StockBYNDBy: Clark Schultz, SA News Editor45 Comments
  • Beyond Meat (BYND -2.5%) falls after Wells Fargo show up to the ratings party with coolish initiation.
  • WF analyst John Baumgartner starts off coverage with a Market Perform rating and price target of $125 vs. the sell-side average PT of $152.57 and 52-week high of $239.71.
  • "We see a company well positioned to grow in the nascent plant-based meat alternatives space; a category strongly suited to benefit from generational change as consumers’ concerns pertaining to dietary health, environmental degradation, and animal welfare increasingly drive food purchase decisions. That said, we think BYND’s growth potential is fully discounted into current valuation and advocate waiting for increased visibility pertaining to competitive entrants and marketplace adoption before owning the name," notes Baumgartner.
  • Baumgartner and team expect a substantial push by private label and challenger brands given the likelihood that new discoveries pertaining to plant structures and processing introduce products superior to those in the market today.

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