Beyond Meat lost some of its sizzle after a Wall Street analyst said the veggie-burger maker’s surging stock price has finally gotten ahead of itself.
“This downgrade is purely a valuation call,” JPMorgan analyst Ken Goldman wrote, noting that demand for Beyond Meat’s veggie burgers, which are available at chains like Carl’s Jr. and TGI Fridays, appears to be booming.
To justify that price, Goldman said investors would have to swallow the belief that Beyond Meat’s revenues will reach $5 billion by 2029.
Separately Tuesday, Beyond Meat said its new and improved patties — which have been available at eateries since January — will be shipping to grocery stores this week.
They’re made from ingredients including mung beans and rice proteins, while the earlier versions were made from just pea proteins.