Earlier this month, we highlighted opportunity in Beyond Meat (BYND).
At the time, it traded at $63 a share.
McDonald’s had just said it was rolling out a test of BYND’s plant-based burgers in 600 stores in Texas. It was also up on news it will release a vegan beef jerky snack as part of its collaboration with PepsiCo. And It was also releasing its chicken alternative at Kentucky Fried Chicken.
Even better, according to analysts at Credit Suisse, plant-based food could increase 100-fold to $1.4 trillion by 2050. In fact, they believe that a plant-based shift in global food systems in “inevitable,” as noted by The Beet.
While BYND would pull back again shortly after, it’s up $8.33 today to $64.82.
All after Barclays’ analyst Benjamin Theurer upgraded the BYND stock to an overweight rating, with a price target of $80 a share. “We believe Beyond Meat’s growth potential in the U.S. food service channel and the international segment is not properly reflected in the current stock price,” Theurer said, as quoted by Barron’s.
“Beyond Meat has been further positioning its products in this channel in the U.S. and in international markets through new partnerships,” he added. Its “international opportunity has become more relevant, and the company could well become a global leader in the broader meat alternative market, especially given its non-GMO profile.”
If BYND can break above prior resistance at $74, it could see $80 shortly after.