No one on Wall Street recommends buying Beyond Meat as the last bullish analyst downgrades
CNBC - Wed 12 Jun 15:57 GMT

Bernstein downgraded shares of Beyond Meat on valuation concerns, joining J.P. Morgan as the latest Wall Street analyst to cool on the red hot IPO.

No one on Wall Street recommends buying Beyond Meat as the last bullish analyst downgrades

  Packages of Beyond Meat plant-based burger patties are displayed for a photograph in Tiskilwa, Illinois, April 23, 2019.

  Bernstein downgraded shares of Beyond Meat Wednesday on valuation concerns, joining J.P. Morgan as the latest Wall Street firm this week to cool on the red-hot IPO.

  There are now no analysts on Wall Street who recommend buying Beyond Meat, a rare phenomenon for a company that just went public last month and comes as a result of its monster run outpacing even the must bullish expectations.

  "The downgrade is driven by valuation considerations as the stock has traded in a highly volatile manner since its IPO likely due to its limited public float and is now trading at ~31x EV/NTM Sales, implying limited upside potential from a valuation perspective," wrote Bernstein's Alexia Howard.