Bernstein analyst Alexia Howard downgraded Beyond Meat (BYND) to Market Perform from Outperform with an unchanged price target of $106. The shares closed Tuesday up $2.71 to $117.05. The stock has rallied 55% thus far in 2020, fueled by recent news including McDonalds (MCD) expanding its test of Beyond's P.L.T. burger in Canada, Howard tells investors in a research note. The analyst cites valuation for the downgrade as she believes Beyond Meat's risk/reward has become less attractive following the recent rally. The company's near-term sales growth potential in the U.S. is largely priced in at this point, says Howard. That said, there could be share upside if Beyond Meat expands internationally down the road, adds the analyst.