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Beyond Meat -3% after Bernstein cut

|About: Beyond Meat, Inc. (BYND)|By: , SA News Editor

Beyond Meat (NASDAQ:BYND) falls after Bernstein downgrades the plant-based meat producer to an Outperform rating from Market Perform.

Analyst Alexia Howard doesn't see short-term share price catalysts. "In particular, we believe that Beyond Meat’s near-term sales growth potential in the U.S. is largely priced in at this point," she warns.

However, Howard thinks there could be upside if Beyond Meat expands internationally down the road. "We believe that BYND has significant growth potential in Europe, which could more than double its total addressable market," she observes.

Bernstein's price target of $106 is still above the average sell-side PT of $101.86.

Shares of Beyond Meat are down 2.61% in premarket trading to $114.00.

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