Why Beyond Meat Stock Rose Today
Beyond Meat's (NASDAQ: BYND) stock price climbed on Monday after Citigroup analyst Wendy Nicholson lifted her rating on the meat alternatives company from sell to neutral and boosted her price forecast. As of 2:55 p.m. EDT, Beyond Meat's shares were up more than 4%.
Nicholson's upgrade comes after a 10% decline in Beyond Meat's stock price following her sell call in July. Yet even as investors have become more concerned about intensifying competition from the likes of Impossible Foods and large packaged food companies, Nicholson's research shows that Beyond Meat's sales have continued to expand at rates above 60% in key retail channels. Moreover, she believes Beyond Meat's new e-commerce site can be a significant growth driver for the company. Nicholson, in turn, raised her price forecast for Beyond Meat's stock from $123 to $141.
The bears are becoming more bullish on Beyond Meat's stock, though not quite bullish enough to recommend the stock. Image source: Getty Images.
Source Fool.com
