Beyond Meat Inc (NASDAQ:BYND) is trading lower Monday morning following bearish analyst coverage from Piper Sandler.
Piper Sandler analyst Michael Lavery downgraded Beyond Meat from a Neutral rating to an Underweight rating and lowered the price target from $50 to $29.
Lavery is lowering his expectations on the back of increased competition.
The Piper Sandler analyst highlighted the company's disappointing launch in McDonald's Corp (NYSE:MCD) stores. The McDonald's McPlant offering continues to burn cash with no clear signs of a path to positive EBITDA, Lavery noted.
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BYND 52-Week Range: $35.74 - $160.27
The stock was down 6.44% at $45.50 at time of publication.
Photo: courtesy of McDonald's.
