Beyond Meat's (BYND) stock rebounds following yesterday's plunge

: bynd | Beyond Meat, Inc. - Common stock News, Ratings, and Charts

bynd – Shares of Beyond Meat surged Wednesday.

KEY POINTS
  • Shares of alternative meat company Beyond Meat surged as much as 17% on Wednesday even after being downgraded by J.P. Morgan and Bernstein this week.
  • The shares are up nearly 500% since the company’s initial public offering in May.
  • The company announced Wednesday that Beyond Meat breakfast sandwiches are being offered in almost 4,000 Tim Horton restaurants in Canada.

Shares of the alternative meat company soared more than 17% on Wednesday, even after being downgraded by J.P. Morgan and Bernstein this week. The stock closed up 12%.

The stock is rebounding after dropping 25% on Tuesday when J.P. Morgan downgraded Beyond Meat to neutral from overweight. The bank kept its price target of $120.

The stock is “beyond our price target,” J.P. Morgan analyst Ken Goldman said in the note to clients. Goldman said the downgrade is “purely a valuation call.”

Bernstein followed J.P. Morgan’s lead when it downgraded Beyond Meat to market perform from outperform on Wednesday. However, Bernstein raised its price target on the stock to $123 from $107.

There are now zero buy ratings on Beyond Meat and eight hold ratings, according to FactSet.

The company also announced Wednesday that Beyond Meat plant-based breakfast sandwiches are being offered in almost 4,000 Tim Horton restaurants across Canada.

Shares of Beyond Meat are up nearly 500% since its initial public offering in May.

 

 

 

 


Beyond Meat Inc. shares fell $0.02 (-0.01%) in after-hours trading Wednesday. Year-to-date, Beyond Meat, Inc. (BYND - Get Rating) has gained 115.92%, versus a 15.90% rise in the benchmark S&P 500 index during the same period.

 

 

 

 

 


This article is brought to you courtesy of CNBC.

Get Free Updates

Join thousands of investors who get the latest news, insights and top rated picks from StockNews.com!

Top Stories on StockNews.com

NYSE: GE | General Electric Company Common Stock News, Ratings, and Charts

Why General Electric (GE) should worry about the merger between United Technologies (UTX) and Raytheon (RTN)

The merger between United Technologies and Raytheon could pose a threat to General Electric
NYSE: FDX | FedEx Corporation Common Stock News, Ratings, and Charts

Why Piper Jaffray's chief technical analyst thinks FedEx (FDX) shares are a Buy

Piper Jaffray analyst thinks the worst is behind FedEx shares
: CGC | Canopy Growth Corporation Common Stock News, Ratings, and Charts

Canopy Growth (CGC) dramatically increases production capacity in Canada with new license

Canopy Growth has received new license to grow cannabis at an outdoor site
NASDAQ: FB | Facebook, Inc. - Class A Common Stock News, Ratings, and Charts

White House insider Stephen Moore is a fan of Facebook's (FB) new cryptocurrency

Stephen Moore says he believes Facebook's Libra project is a good thing
NASDAQ: DFRG | Del Frisco's Restaurant Group, Inc. News, Ratings, and Charts

Shares of restaurant chain Del Frisco's (DFRG) soar following announcement that it will be acquired

Del Frisco's is being acquired by private-equity firm L Catterton for $8 a share

Read More Stories


More Beyond Meat, Inc. - Common stock (bynd) News View All

Event/Date Symbol News Detail Start Price End Price Change POWR Rating
Loading, please wait...
View All bynd News
Page generated in 1.2705 seconds.