Beyond Meat Gets Early Boost as Credit Suisse Sees Strong Sales
(Bloomberg) -- Beyond Meat Inc. is bouncing back in early trading after Credit Suisse turned more bullish on its sales outlook for the next two years.
Shares rose 1.5% to $154.86 at 8:09 a.m. ET, rebounding from a 5% decline Monday, after analyst Robert Moskow raised his fiscal 2020 revenue estimate by $10 million to $360 million, and 2021 estimate to $511 million from $472m. Moskow said the revisions reflect strong retail sales growth seen in the Nielsen tracking data, as well as continued gains at new restaurant chains.
The analyst is keeping his price target of $125/share unchanged, however, due to some expected dilution from option grants.
Beyond Meat is still up 510% this year so far, and none of the Street analyst covering it rate it a buy. Short interest remains elevated, at 47% of free float, according to financial analytics firm S3 Partners.
To contact the reporter on this story: Tatiana Darie in New York at tdarie1@bloomberg.net
To contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Scott Schnipper
©2019 Bloomberg L.P.
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