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BYND

Beyond Meat

$116.98

2.61 (2.28%)

, MCD

McDonald's

$207.33

0.78 (0.38%)

06:19
01/15/20
01/15
06:19
01/15/20
06:19

Beyond Meat downgraded to Market Perform from Outperform at Bernstein

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.

BYND

Beyond Meat

$116.98

2.61 (2.28%)

MCD

McDonald's

$207.33

0.78 (0.38%)

  • 29

    Jan

BYND Beyond Meat
$116.98

2.61 (2.28%)

12/03/19
12/03/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Facebook (FB) and Alphabet (GOOG, GOOGL) initiated with an Overweight at Piper Jaffray. 2. Ulta Beauty (ULTA) resumed with a Buy at Deutsche Bank. 3. Beyond Meat (BYND) initiated with a Perform at Oppenheimer. 4. uniQure (QURE) was initiated with a Buy at Goldman Sachs and an Outperform at Cowen. 5. Enphase Energy (ENPH) initiated with a Buy at Goldman Sachs. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
12/04/19
JEFF
12/04/19
NO CHANGE
JEFF
Hold
Jefferies survey shows plant-based meat market can reach $15B in 10 years
Jefferies analyst Kevin Grundy says his firm's survey 1,800 U.S. consumers supports his view that the U.S. plant-based meat market can expand at a 25% annually to $15B over the next 10 years. The survey suggests "ample scope" for plant-based meat penetration and frequency rates to rise, and an attractive demographic skew toward millennials and generation Z, with restaurants a major access point for younger consumers, Grundy tells investors in a research note. The analyst believes Beyond Meat (BYND) will be a key beneficiary of the growth in the U.S. plant-based meat market. His 10-year model implies that plant-based meat reaches ~5% of the total U.S. meat market, which he notes is still well below plant-based dairy that comprises ~15% of the U.S. milk market. Grundy continues to view Beyond Meat "as perhaps the best growth story in Staples." However, even with the stock's recent pullback, the company's valuation at 10.5 times sales "sets a high bar," contends the analyst. As such, he keeps a Hold rating on Beyond Meat shares.
01/08/20
BERN
01/08/20
NO CHANGE
Target $106
BERN
Outperform
Beyond Meat shares could be worth $130 with McDonald's deal, says Bernstein
Beyond Meat's (BYND) public float has increased to 65% of shares outstanding after the lock-up expiry versus 15% at the initial public offering, which makes the shares more investable now, Bernstein analyst Alexia Howard tells investors in a research note. The stock's risk/reward is skewed towards the upside, especially if plant-based meat becomes more price competitive versus regular meat as African Swine Fever in China drives global protein prices up, contends Howard. She believes a key question is whether McDonald's (MCD) will partner with Beyond Meat in the U.S., and that such an event could add $168M, or 60%, to Beyond Meat's fiscal 2019 sales guidance of $265M-$275M. The analyst thinks the fair multiple for Beyond Meat is 8 to 10 times sales. This implies a fair value of $84 to $104 per share in her base case and $105 to $130 per share assuming the McDonald's partnership materializes. Howard keeps an Outperform rating on Beyond Meat with a $106 price target. The stock closed Tuesday up $9.30, or 12%, to $83.89.
01/09/20
BTIG
01/09/20
NO CHANGE
BTIG
BTIG questions if Beyond Meat could supply McDonald's P.L.T. rollout in U.S.
BTIG analyst Peter Saleh wonders if Beyond Meat (BYND) could supply enough product should McDonald's want to expand its plant-based patty test throughout the U.S. Beyond could produce enough product in the near-to-medium term to supply McDonald's restaurants in Canada, Saleh told investors yesterday in a research note. However, the analyst is less convinced about the company's potential to support McDonald's U.S. system, especially if demand grows. McDonald's said yesterday morning that it is expanding the global test of its plant-based burger to include 52 restaurants in Southwestern Ontario. The P.LT., which stands for plant, lettuce and tomato, is made with a Beyond Meat plant-based patty that has been crafted exclusively by McDonald's. Saleh estimates that at least a 5% sales mix would be required to justify making P.L.T. a permanent menu item or expanding the item to the majority of McDonald's Canada's 1,480 units. In the U.S., he believes McDonald's would require at least a similar 5% sales mix to justify the effort. Beyond would need to produce 85M to 100M pounds of the plant-based product to support all 13,900 U.S. locations, the analyst wrote. Assuming the product was introduced nationwide in North America, he believes Beyond would need to produce 95M-115M pounds of product annually, or more than three-times Beyond Meat's food service capacity run-rate for 2019. Saleh has a Buy rating on McDonald's with a $240 price target and does not rate shares of Beyond Meat, which are up 6% to $86.65 in afternoon trading.
MCD McDonald's
$207.33

0.78 (0.38%)

01/06/20
SPHN
01/06/20
NO CHANGE
Target $225
SPHN
Overweight
McDonald's domestic same-store growth improved in December, says Stephens
Stephens analyst Will Slabaugh said he believes increased breakfast value marketing and deals helped to improve domestic same-store sales growth in December for McDonald's, which could help the company enter 2020 with flat-to-positive traffic and better sales momentum than his current Q1 same-store sales growth estimate of 3% implies. He keeps an Overweight rating and $225 price target on McDonald's shares.
01/09/20
RHCO
01/09/20
NO CHANGE
Target $940
RHCO
Buy
Restaurants 'well positioned' into 2020, says SunTrust
SunTrust analyst Jake Bartlett says he views restaurants as well positioned into 2020, with a long-term trend of wallet share gains intact and his view that the promotional environment will remain in check. The analyst tells investors in a research note that he expects scale to be a particular advantage as digital and data driven marketing become more important and purchasing power helps offset inflationary pressures. The analyst, who says he expects restaurants to continue to gain wallet share in 2020, raised his price targets for Chipotle (CMG) to $940 from $900, for McDonald's (MCD) to $250 from $230 and for Restaurant Brands (QSR) to $81 from $84. He maintained a Buy rating on all three stocks.

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