Bernstein analyst Alexia Howard upgraded Beyond Meat (BYND) to Outperform from Market Perform with an unchanged price target of $106. The stock closed Monday down 3% to $79.79. The analyst is making a "straightforward valuation call" with the shares down 66% from their peak. Howard says that while selling pressure is likely to persist in the near-term, her fair value estimate is based on multiples awarded to other high-growth consumer peers and suggests share downside is limited. She believes Beyond Meat should trade at eight to 10 times enterprise value to sales, implying a fair value range between $84 to $130. The key is whether the company can partner with McDonald's (MCD), who is currently doing trials of a Beyond Meat burger in Canada, Howard tells investors in a research note. Her channel checks suggest the trials are going well, "but not well enough to justify an immediate nationwide rollout." She assumes a 50% probability of one materializing.

Latest data shows the largest indicative borrow rate increases among liquid option names include: Luminar Technologies (LAZR) 24.73% +5.07, Spring Valley Acquisition Corp (SMR) 22.39% +3.98, ImmunityBio (IBRX) 74.40% +3.41, Lucid Group (LCID) 33.21% +2.31, ALTC Acquistion Corp (ALCC) 5.21% +1.04, Beyond Meat (BYND) 59.00% +0.68, Energy Fuels (UUUU) 2.23% +0.37, SoundHound AI (SOUN) 13.94% +0.32, Microvision (MVIS) 14.83% +0.31, and Cassava Sciences (SAVA) 21.42% +0.27.