Beyond Meat's Growth Already Priced In, Analyst Says
Analysts at Wells Fargo see plenty of growth opportunities for imitation-meat pioneer Beyond Meat (NASDAQ: BYND), but the stock is just too expensive to recommend.
John Baumgartner of Wells Fargo initiated Beyond Meat stock at "market perform" on Monday, slapping a $125 price target on it. Shares of the plant-based meat company had slumped 4.1% by 10 a.m. EDT, bringing the stock price close to that target.
The lack of optimism from the Wells Fargo analyst stems from competitive pressures and a general lack of visibility. Baumgartner expects the plant-based meat category to expand as consumers shift away from meat due to health, environmental, and animal welfare concerns, and he sees Beyond Meat as well positioned to tap into that growth. But the stock already reflects that growth opportunity, in his opinion.
Source Fool.com
