Why Beyond Meat Stock Just Dropped 5%
It's Friday, and shares of Beyond Meat (NASDAQ: BYND) are getting pounded. As of 12:10 p.m. EDT today, the stock was down 5.6%. This morning, a pair of analysts decided to downgrade Beyond Meat stock, with CFRA cutting the shares from hold to sell, and J.P. Morgan seconding the emotion with a cut from neutral to underweight (with a $122 price target on the $149 stock).
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StreetInsider.com has details on one of these downgrades. Quoting from J.P. Morgan's report, which begins on a high note: "In the long run, we believe BYND's growth opportunity is excellent ..." things quickly turn darker.
Source Fool.com