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Stock impact report

Beyond Meat’s shares plunge as analysts ask if firm is priced beyond its value [Los Angeles Times (CA)]

Beyond Meat, Inc. (BYND)  More Company Research Source: Los Angeles Times
Last beyond meat, inc. earnings: 2/27 04:05 pm Check Earnings Report
PDF Beyond Meat’s shares plunge as analysts ask if firm is priced beyond its value Beyond Meat Inc.’s share price fell sharply Tuesday in the El Segundo-based fake-meat company’s worst day since its initial public offering, after previously bullish analysts threw in the towel. That paused a rally that has rocketed the stock more than 500% higher. JPMorgan Chase & Co.’s Ken Goldman and James Allen cut their recommendation on the stock to neutral from overweight, saying it’s now too expensive, with a $10-billion value that’s 27 times the company’s estimated 2020 sales. The two-day frenzy that lifted the stock 69% from Thursday’s close through Monday was too much, the analysts said. In response, Beyond Meat’s shares tumbled 25% to $126.04 Tuesday. J.P. Morgan had just upped its price target Friday by $23, to $120, but even that could not keep pace with the soaring share price. The shares had been priced at $25 for the IPO in early May. In a note to clients Tuesday, Goldman and Allen said the [Read more]
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