Why Beyond Meat Stock Got Raked Over the Coals Thursday Morning
Shares of Beyond Meat (NASDAQ: BYND) weren't very tasty Thursday morning, tumbling as much as 7.9%, briefly notching a new 52-week low. As of 1:35 p.m. ET, the stock was down 7.4%.
The catalyst that sent the maker of plant-based meat substitutes down was a bearish take by a Wall Street analyst.
Canaccord Genuity analyst Bobby Burleson lowered his price target on Beyond Meat stock from $30 to $22 while maintaining a hold rating on the shares. It's worth noting that the new, lower price target still represents potential gains for investors of 38% over the coming year, compared to the stock's closing price on Wednesday.
Source Fool.com
