Cowen & Co. has decided to maintain its Market Perform rating of Beyond Meat (NASDAQ:BYND) and lower its price target from $42.00 to $26.00.
Shares of Beyond Meat are trading up 7.2% over the last 24 hours, at $28.05 per share.
A move to $26.00 would account for a 7.32% decline from the current share price.
About Beyond Meat
Beyond Meat is a provider of plant-based meats, such as burgers, sausage, ground beef, and chicken. Unlike other vegetarian products, Beyond Meat seeks to replicate the look, cook, and taste of meat, is targeted to omnivores and vegetarians alike, and is sold in the meat case. The products are widely available across the U.S. and Canada and in 83 additional countries as well. International revenue represented 31% of 2021 sales. The firm's products are available in retail stores and the food-service channel. In 2019, before the pandemic struck, sales were evenly split between these two channels, although mix changed to 74% retail/26% food service in 2020. We think the recovery from the crisis and new deals with McDonald's and Yum Brands will return food-service sales to 50% in time.
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