Why Beyond Meat Stock Dropped Today
Shares of Beyond Meat (NASDAQ: BYND) had tumbled 5.1% as of 1:25 p.m. EDT on Tuesday, after J.P. Morgan cut its price target to $91 a share, and reiterated a rating of underweight on the stock.
That $91 price would have sounded like a gift as recently as a year ago, but Beyond Meat shares have more than doubled over the course of the pandemic, and now trade north of $140, up 136% from their year-ago price.
Just yesterday, Jefferies said that it thinks $140 is a fine price for Beyond Meat stock, which it rates a hold. It says Beyond Meat "retains an advantage over other meat-alternative companies, as one of the first-movers in the space."
Source Fool.com