Barclays started coverage of Beyond Meat with an overweight rating and said the company has endless possibilities going forward.
Barclays said Beyond Meat "provides growth and earnings acceleration unparalleled in the space."
In this photo illustration, packages of Beyond Meat "The Beyond Burger" sit on a table, June 13, 2019 in the Brooklyn borough of New York City.on Thursday and said the company was "well-positioned" with the "potential" to capture a large share of the alternative meat market. The firm gave the alternative meat company an "overweight" rating, with a target price of $185 a share.
"We estimate that BYND could reach a 4.5% market share of the global alternative meat industry, which itself could represent 10% of the global meat industry within a decade, " Barclays analyst Benjamin Theurer said."There's a big potential, both at the top and at the bottom: We expect growth to continue at high levels for upcoming years, and expect the company to achieve a 15% EBITDA margin by 2029, in line with its long-term guidance," the Barclays analyst said.
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