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Jan. 28, 2020, 8:01 a.m. EST

Beyond Meat downgraded on valuation after 'good news' drives stock rally

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By Tonya Garcia

Beyond Meat Inc. /zigman2/quotes/211617595/composite BYND +3.45% stock slipped 2.7% in Tuesday premarket trading after JPMorgan downgraded the plant-based meat company to neutral from overweight on valuation. JPMorgan has a $134 price target on Beyond Meat, down from $138. Shares of Beyond Meat have rallied 18.4% over the past three months, and 65% over the past month. "With a variety of optimistic news stories baked in and the stock outperforming the S&P 500 index by 65% this month, we think it is prudent to head for the sideline once again," analysts wrote. The S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.17% has inched up 0.1% over the past month, and has gained 6.7% over the last three months. JPMorgan analysts say they remain confident about the company's growth potential, noting media reports that McDonald's Corp. /zigman2/quotes/203508018/composite MCD -0.62% is expanding its Beyond Meat test to 52 locations on Jan. 14 from 28 in Ontario, Canada. Beyond Meat burgers are also expanding across Denny's Corp. /zigman2/quotes/206956394/composite DENN -0.24% locations nationwide, and Starbucks Corp. /zigman2/quotes/207508890/composite SBUX -0.18% says it plans to add more plant-based items to its menu. Beyond Meat stock closed Monday at $124.75.

/zigman2/quotes/211617595/composite
US : U.S.: Nasdaq
$ 153.00
+5.10 +3.45%
Volume: 726,842
Sept. 25, 2020 10:38a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$9.24 billion
Rev. per Employee
N/A
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/zigman2/quotes/210599714/realtime
US : S&P US
3,252.03
+5.44 +0.17%
Volume: 484.95M
Sept. 25, 2020 10:39a
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/zigman2/quotes/203508018/composite
US : U.S.: NYSE
$ 214.78
-1.34 -0.62%
Volume: 306,046
Sept. 25, 2020 10:38a
P/E Ratio
34.13
Dividend Yield
2.32%
Market Cap
$160.82 billion
Rev. per Employee
$100,120
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/zigman2/quotes/206956394/composite
US : U.S.: Nasdaq
$ 10.30
-0.03 -0.24%
Volume: 417,492
Sept. 25, 2020 10:38a
P/E Ratio
12.11
Dividend Yield
N/A
Market Cap
$657.48 million
Rev. per Employee
$70,020
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/zigman2/quotes/207508890/composite
US : U.S.: Nasdaq
$ 82.89
-0.15 -0.18%
Volume: 1.38M
Sept. 25, 2020 10:39a
P/E Ratio
74.91
Dividend Yield
1.98%
Market Cap
$97.07 billion
Rev. per Employee
$86,863
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