Beyond Meat Shows No Sign of Cooling in Best Day Since Debut
(Bloomberg) -- Beyond Meat Inc. shares extended their winning streak on Tuesday, with the newly public company on pace for its biggest rise since last week's trading debut.
The stock, which has yet to see a down day, jumped as much as 14.3 percent, putting it on track for a fourth positive close. The day's gain builds on Monday's 12 percent climb, and comes after the 163 percent surge seen at the company's trading debut Thursday, the strongest first day for an IPO since at least 2008.
Shares are now up more than 200 percent from their IPO price, the stock having shrugged off recent broader-market weakness.
While only two analysts have rated Beyond Meat so far, both have given it the equivalent of a buy, according to data compiled by Bloomberg. More coverage is expected after research restrictions expire on May 28.
On Tuesday, Bernstein initiated on the company with an outperform rating, saying that if meat substitutes follows the same growth path as plant-based beverages, the total addressable market could swell to about $40.5 billion in the U.S. over the coming decade.
The $55 average price target of the two firms implies about 35 percent downside from current levels. The company also faces competition, including from Tyson Foods Inc., which is preparing to introduce meatless protein products later this year.
To contact the reporter on this story: Ryan Vlastelica in New York at rvlastelica1@bloomberg.net
To contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Morwenna Coniam
©2019 Bloomberg L.P.
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