J.P. Morgan’s Ken Goldman and James Allen downgraded the Beyond Meat stock to ‘neutral’ after a run that has cost short sellers $400 million.
After another two-day surge, shares in Beyond Meat are now selling for more than six times their $25 IPO price early last month.
The price has surged between 570% and 650%, and on Tuesday, industry analysts with J.P. Morgan had had enough — but not for fear that there isn’t more room to run for the plant-based alternative to beef. J.P. Morgan had just upped its price target Friday by $23, to $120, but even that could not keep pace. The stock closed Friday at $138.65.
J.P. Morgan still says that sales estimates for Beyond Meat are too conservative and believes it will continue to win over more customers. It’s being sold at 30,000 grocery stores, restaurants and schools in the U.S., Canada, Italy, the United Kingdom and Israel.
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