Beyond Meat downgraded to Sell at Argus on declining demand, competition

Argus analyst Kristina Ruggeri downgraded Beyond Meat to Sell from Hold. The analyst notes that demand for the company’s plant-based protein has fallen amid weaker economic conditions, with many customers trading down to cheaper alternatives. Beyond Meat has also been hurt by increased competition from other makers of plant-based protein, as well as by "low utilization" charges and termination fees from co-manufacturers, Ruggeri tells investors in a research note, adding that she expects the company to continue posting operating losses in the coming quarters.