- 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.
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