Piper Sandler analyst Michael Lavery last night initiated coverage of Beyond Meat with a Neutral rating and $115 price target. The shares closed Tuesday down $2.59 to $117.14. Beyond is an early leader in plant-based meat, which could be a $6B to $8B market by 2025, Lavery tells investors in a research note. The analyst says that while upside from U.S. distribution at McDonald's (MCD) could be a potential catalyst, his analysis suggests the stock's valuation may already reflect this. In his Lavery's survey of over 3,500 U.S. adults, 62% of respondents were not interested in consuming plant-based meat and only 2% prefer Beyond. However, 15% were willing to try the category and 7% have no brand preference, suggesting potential upside for Beyond outside of its existing consumer base, contends the analyst. Further, his channel checks with McDonald's franchisees indicate that U.S. operators have more interest in a new chicken sandwich and are skeptical on meatless burgers.

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