Beyond Meat, Inc. (BYND), a producer of plant-based meat products, announced the launch of its award-winning Beyond Chicken Tenders, which will be available in select restaurants nationwide.
The Beyond Chicken Tenders are a nutritional alternative to traditional chicken tenders and promise a similar savory experience with a crispy outer layer and succulent inside. The Beyond Chicken Tenders can be used as appetizers or as an addition to sandwiches, salads, and tacos. (See Beyond Meat stock charts on TipRanks)
The launch comes amid a national chicken shortage, with restaurants returning to normalcy and demand for chicken shooting higher.
As per the company’s consumer testing results, the product fared well and achieved a similar taste to animal-based tenders.
Dariush Ajami, the company’s Chief Innovation Officer, said, “Innovation is at the heart of Beyond Meat, and Beyond Chicken Tenders are the latest example of our mission to create ground-breaking, tasty options that are better for people and for our planet.”
Beyond Chicken Tenders are made from plant-based ingredients without any genetically modified organisms (GMO), and contain 14g of protein and 40% less fat compared to other breaded chicken tenders.
Last month, J.P. Morgan analyst Kenneth Goldman reiterated a Sell rating on BYND after discussions with several Dunkin’ locations. According to Goldman, Dunkin’ has discontinued its breakfast offerings featuring Beyond Meat products.
The stock has an overall Hold rating based on 2 Buys, 6 Holds, and 4 Sells. The average Beyond Meat price target of $119.89 implies 13.9% downside potential to current levels. Shares have gained 10.9% year-to-date.
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