Beyond Meat downgraded to Underweight from Equal Weight at Barclays

Barclays analyst Benjamin Theurer downgraded Beyond Meat to Underweight from Equal Weight with a price target of $10, down from $13. The analyst says says protein companies face a difficult outlook. The "worst is yet to come" for most of the sector, though not until 2024 or 20225, amid increasingly price-conscious consumers and rising beef prices, Theurer tells investors in a research note. He says Beyond Meat is dealing with deteriorating economics in alternative meat and that higher beef prices won’t necessarily translate into benefits for the industry.