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.