Barbecue purists may consider plant-based meat alternative Beyond Meat (NASDAQ:BYND) to be a minor form of sacrilege. However, it’s catching on in at least some places, and the market gave it a slight boost in Tuesday’s trading. One move that gave Beyond Meat a lift was a new place to buy it. Specifically, Costco (NASDAQ:COST) stores now offer Beyond Meat’s new Beyond Steak.
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Not all Costco stores are in on the action, reports note. However, over 50 such locations will be in on it, so that’s potentially a big new slug of the market that has been opened up.
Costco is just the latest to pick up Beyond Steak, and it’s a move that should help with Beyond Meat’s market penetration play. Recently, Beyond Meat got a hefty boost from McDonald’s (NYSE:MCD) locations in the UK and Ireland. It will also get a hefty boost from a new event: Veganuary. Veganuary targets meat eaters of all sorts—whether regular or merely “flexitarians” that enjoy fish and other meats along with vegetables—to take a chance on a vegan diet.
Whatever it tries, Beyond Meat needs all the help it can get. Analyst consensus calls Beyond Meat a Moderate Sell, with as many Hold recommendations as it has Sells. Moreover, with its average price target of $10.22, Beyond Meat shares suffer from 17.38% downside risk as well.