J.P. Morgan advised clients in a note early Tuesday that it was time to buy shares of Beyond Meat again.
J.P. Morgan raised its target price on Beyond Meat to $189 a share from $188 a share.
"With cash-on-hand likely to exceed $300MM by the end of 3Q, another guidance raise potentially ahead, and the stock ~40% off its high, we think the stock is appealing once again," J.P. Morgan said. Ethan Brown, founder and CEO of Beyond Meat, center, rings the opening bell during the company's IPO at the Nasdaq in New York on May 2, 2019.Beyond MeatThe firm raised its rating to "overweight" from "neutral," and lifted its target price to $189 a share from $188 a share. J.P. Morgan cited several reasons for its upgrade, including the fact that the stock has dropped 40% since its high on July 26.
"With cash-on-hand likely to exceed $300MM by the end of 3Q, another guidance raise potentially ahead, and the stock ~40% off its high, we think the stock is appealing once again," J.P. Morgan said in a note to clients. "We see three primary reasons for renewed optimism: The potential to acquire new food-service customers, continued strength in measured data, and valuation," J.P. Morgan analyst Ken Goldman said.
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