Vegans rejoice!
Shares of plant-based meat company Beyond Meat Inc. soared another 13% Tuesday, bringing the stock’s post-IPO gains to a stunning 240%, after Bernstein initiated coverage with a bullish outperform rating.
“Restaurant chains are finding that they can draw customers just because they have this meat alternative, so that’s another appeal ,” said Smith.Related: Beyond Meat CEO wants to make traditional protein from animals ‘obsolete’ If Beyond Meat could secure a 5% share of that market—it has a 2% stake today—it would imply sales of $2 billion in 2028, compared with about $207 million this year.
Impossible Foods, the privately owned company behind the Impossible Burger that Burger King QSR, -0.07% is selling, is Beyond Meat’s biggest rival for now, although that’s unlikely to remain the case for long. Other smaller players in the space include Boca Foods, Field Roast Grain Meat Co., Gardein, Impossible Foods, Lightlife, Morningstar Farms and Tofurky.
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