Barclays on Thursday cut the price target for shares of plant-based meat company Beyond Meat by nearly 70 percent following the company’s disappointing sales revenues in the first quarter.
Barclays analyst Benjamin Theurer downgraded shares to equal weight from overweight, with a $25.00 per share price target, down from $80.00.
“Given limited short-term visibility, mounting cost pressure, and high cash burn, we downgrade BYND to EW and lower our price target to $25. 1Q results were disappointing and 2Q guidance was less upbeat than our previous estimates. For 2H22 we see sales growth reaccelerating, but margins to remain well below historic levels,” Theurer said in a note to clients.
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