Plant-based meat company Beyond Meat (NASDAQ:BYND) plummeted in pre-market trading on Thursday after top-rated Mizuho Securities analyst John Baumgartner downgraded the stock to a Sell from a Hold and slashed the price target to $5 from $12. The analyst’s price target implies a downside potential of 43.4% from current levels.
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The analyst sees potential improvement in plant-based beverages as inflation eases, but plant-based meat remains impacted by macroeconomic factors and the lack of innovation. As a result, the company has been struggling as sales declined in the second quarter.
What is the Future Price of BYND Stock?
Analysts are bearish about Beyond Meat with a Strong Sell consensus rating based on two Holds and seven Sells. The analysts have an average BYND price target of $7.07, implying a downside potential of 20% from current levels.
